New State Funding for Affordable Housing Development
Pennsylvania Housing Tax Credit
Last legislative session, the General Assembly created the Pennsylvania Tax Credit Program but without funding. This session, the General Assembly fully funded the tax credit program at $10 million per year with projects able to receive a maximum of $1.5 million in tax credits. The Pennsylvania Housing Finance Agency (PHFA) will develop the program guidelines and administer the tax credit program. Thank you to all of our partners, affordable housing developers, and the Pennsylvania Developer’s Council in getting this important program funded.
Construction Cost Relief Program
The General Assembly created the PHFA Construction Cost Relief Program. According to PHFA, this program provides $50,000,000 to, “ensure the state’s Low-Income Housing Tax Credit construction projects are not further delayed due to rapidly rising construction costs and other unforeseen cost increases.”
Mixed-Use Tax Credit Program
The General Assembly increased the tax credits allocated to the Mixed-Use Tax Credit program from $3 million to $4.5 million annually. PHFA is currently taking bids for the tax credits. Visit https://www.phfa.org/mhp/developers/loans.aspx and scroll down to the Mixed Income Tax Credit section for more information.