The Pennsylvania Housing Finance Agency is announcing funding for the construction or rehabilitation of 1,916 rental units, of which 1,801 will be affordable to households at or below 60% of the area median income.
The funding is coming from a variety of sources, including:
- More than $57.5 million in federal Low-Income Housing Tax Credits;
- More than $16.8 million in PennHOMES funding;
- More than $17.5 million in National Housing Trust Funds and/or Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) funds; and
- More than $22.6 million in state housing tax credits.
The federal and state tax credits are administered by PHFA and were approved today by its board.
“We’re pleased to announce these tax credit awards and additional funding that is so urgently needed to support the construction of more affordable housing around the state,” said PHFA Executive Director and CEO Robin Wiessmann. “Even before the pandemic, there was a clear need for more rental housing that fits people’s budgets. The demand is even stronger today, and this new round of tax credits is our best tool for creating and rehabilitating affordable housing.”
The 1,801 affordable rental units being funded includes 76 units for households at or below 20% of the area median income and 40 units for households at or below 30 percent of the area median income, sourced by the federal Housing Trust Fund.
The 41 multifamily housing developments being awarded tax credits today are identified on the PHFA website at https://www.phfa.org/mhp/; see the list of tax credit recipients under “News & Awards 2019 – Present” and dated 7/11/2024.
