The recently signed state budget provides a $1.5 million increase to the Pennsylvania Housing Finance Agency’s (PHFA) Mixed-Use Development Tax Credit Program.
The agency provides low- and moderate-income families, older adults, and people with special housing needs with affordable homeownership and rental housing options.
“We appreciate this additional funding from the General Assembly and the governor, which demonstrates their support for the revitalization of communities across the commonwealth through mixed-use developments that include affordable housing and commercial space,” Robin Wiessmann, PHFA executive director and CEO, said. “These mixed-use projects bring a double benefit because they not only provide more critically needed housing, but the commercial part of these developments brings economic revitalization, too.”
Individuals, companies, and organizations will bid on $4.5 million in tax credits which will be used to reduce their state tax liability. The bidding process will allow as much funding as possible for community revitalization investments in mixed-use developments.
The bidding process is already in progress and concludes at 2 p.m. on July 23. The projects that will receive funding will be selected later this year.
The fiscal year 2016/2017 budget created the tax credit program. It authorized PHFA to sell the tax credits through directed or negotiated sales to all qualified taxpayers.