PHFA Awards $19.5 Million in LIHTCs
The Pennsylvania Housing Finance Agency (PHFA) recently has approved $19.5 million in low-income housing tax credit reservations for the development of 20 affordable housing communities in suburban and rural areas across the state. This is the second cycle of awards in Pennsylvania this year. In March, PHFA announced $16.1 million in LIHTC reservations for 17 projects in the state’s urban centers.
When completed, the developments receiving funding are expected to preserve and create 1,517 rental housing units for Pennsylvania residents. One of the developments was selected by a jury of affordable housing professionals for an award of funding under the Innovation in Design category. This particular site will provide service-enriched housing for seniors 62 years and older through a collaborative approach with participation from local community organizations. The development received a $1.2 million tax credit reservation.