Seventeen developments in urban centers throughout Pennsylvania have been selected to receive $16.1 million in low-income housing tax credits. When completed, the developments will provide 662 rental housing units.
"We only fund about a third of the applications we receive, which tells you how intense the competition is for this funding," said Brian A. Hudson Sr., executive director and CEO of the Pennsylvania Housing Finance Agency (PHFA). "Our staff makes sure the winning proposals are for developments in urban centers located around the state so that all regions benefit from the housing that's created, and from the economic development that's stimulated by its construction."
PHFA will announce a second round of funding for developments in rural and suburban areas in July.
In the latest round, the Uptown Lofts on Fifth was selected by a jury for an award of tax credits under the "innovation in design" category. The 47-unit development by Action Housing will target young adults aging out of the foster-care system in Pittsburgh.
It received recognition for its excellence in design, implementation of energy-efficient technologies, and leveraging of community and capital resources.
A list of the developments receiving LIHTC reservations is available here.
