Allegheny county likely to see a boost in affordable housing funds next year

From: Pittsburgh City Paper

Thanks to the extension of a cap in the recently passed Pennsylvania state budget, Allegheny County is likely due for hundreds of thousands of dollars, potentially over $1 million, in additional funds for affordable housing come the next fiscal year.

According to the Pennsylvania Capital-Star, the Pennsylvania Housing Affordability and Rehabilitation Enhancement Fund (PHARE) cap has been extended from $25 million per year to $40 million.

PHARE is funded by the state’s realty-transfer tax, impact fees from Marcellus Shale natural-gas drilling, and money from the federal National Housing Trust Fund. PHARE provided funding for more than 130 projects in the 2018 budget, including 12 in Allegheny County.

The cap only applies to money collected from the state’s realty-transfer tax, which collects 1 percent of every property sold in Pennsylvania. Total PHARE money awarded in 2018 was $26.6 million, but would have been $9.1 million higher without a cap.

Read Full Article Here


Add Your Review