Pennsylvania Gov. Tom Wolf in mid-April announced conditional awards of $43.4 million in low-income housing tax credits (LIHTCs) and $3.8 million PennHOMES funding for the creation and preservation of 39 affordable housing developments.
“We’re grateful that Congress retained the LIHTC program, and provided a slight increase, in last year’s tax reform bill,” said Brian Hudson, executive director and CEO of the Pennsylvania Housing Finance Agency (PHFA), which administers the tax credits. “When you look at how well these tax credits leverage our public-private partnerships for building affordable housing, the value of this program is unmistakably clear.”
According to the PHFA, tax reform legislation and the resulting decrease in the corporate tax rate prompted the agency to award conditional tax credits this year. All of the developments awarded LIHTCs have been given 90 days to confirm their financial viability before the tax credit awards are finalized.
The developments receiving conditional financing will result in 1,976 rental housing units. Two of those developments were selected by a jury of housing professionals in the PHFA’s special Innovation in Design category.
Sponsored by United Neighborhood Community Development Corp., Fallbrook will include 36 units of intergenerational housing through new construction and the rehab of a former hospital in Carbondale, a city in northeast Pennsylvania.
Liberty 52: Stephen F. Gold Community Residences, sponsored by Liberty Housing Development Corp., will be comprised of 24 units of permanent supportive housing for individuals with physical disabilities and autism in Philadelphia.
To view the rest of the developments receiving conditional awards, visit https://www.phfa.org/forms/multifamily_news/news/2018/2018_eligible_properties.pdf.
