Today's funding will add another 1,916 much-needed rental
units, of which 1,801 will be affordable units
HARRISBURG, Pa., July 11,
2024 /PRNewswire/ -- The Pennsylvania Housing Finance
Agency today 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.
PHFA is also pleased to announce a new initiative targeting an
additional $1.8 million in matching
dollars for four projects that recognize the strong connection
between stable housing and improved health outcomes for residents.
This effort builds on 18 months of planning funded by the National
Council of State Housing Agencies to explore how housing agencies
can best work with health care organizations to expand affordable
housing options and, in turn, improve the health of people living
in that new housing.
That planning led to the creation of PHFA's Health for Housing
Investment (HHI) Program last year. This new program creates
incentives in PHFA's Low-Income Housing Tax Credit Program, and
provides funding from the PHARE program, incentivizing developers
to partner with healthcare organizations in financing affordable
housing developments.
PHFA is supporting these four HHI projects with PHARE funding,
which is being matched dollar-for-dollar by the healthcare partners
named below. These four projects include:
- The 17th Street Community Corridor
(Philadelphia) - $300,000 match ($200,000 from AmeriHealth Carnitas and
$100,000 from Temple Health
Systems);
- Meadowbrook
(Bucks County) - $824,950 match ($575,000 of Wood Service funds and $499,900 in donated land);
- North Park Avenue (Philadelphia) - $600,000 match (Jefferson Health, Penn Medicine,
and Temple Health); and
- St. Katherine Drexel Place (Philadelphia) - $100,000 match (Trinity Health)
"We're excited about our new initiative that builds on the
shared recognition that housing and health are closely
intertwined," said Wiessmann. "We will monitor from these four
projects to learn more about how PHFA can best work cooperatively
with health care organizations to provide more quality, stable
housing that helps residents live longer, healthier lives."
About PHFA
The Pennsylvania Housing Finance Agency works to provide affordable
homeownership and rental housing options for older adults, low- and
moderate-income families, and people with special housing needs.
Through its carefully managed mortgage programs and investments in
multifamily housing developments, PHFA also promotes economic
development across the state. Since its creation by the legislature
in 1972, it has generated nearly $18.5
billion of funding for more than 199,500 single-family home
mortgage loans, helped fund the construction of 103,328 rental
units, distributed approximately $289
million to support local housing initiatives, and saved the
homes of more than 50,860 families from foreclosure. PHFA programs
and operations are funded primarily by the sale of securities and
from fees paid by program users, not by public tax dollars. The
agency is governed by a 14-member board.
Media contact
Scott
Elliott
selliott@PHFA.org
717.649.6522
View original
content:https://www.prnewswire.com/news-releases/phfa-announces-tax-credits-and-other-funding-for-the-construction-of-affordable-rental-housing-across-pennsylvania-302195202.html
SOURCE Pennsylvania Housing Finance Agency