Governor Wolf Announces Tax Credits and PennHOMES funding for Affordable Multifamily Developments in Pennsylvania
Funding Administered by PHFA Will Support Construction and Rehabilitation of 39
Developments Statewide
Harrisburg, PA – May 14, 2015 – (RealEstateRama) — Governor Tom Wolf today announced awards of $36.9 million in tax credits and $12.5 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments located throughout Pennsylvania. The tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board.
The tax credits awarded to developers will be used to attract more than $361 million of investment funding for building, and rehabilitating, multifamily housing offering affordable rents.
“Low-income housing tax credits work because they leverage investment by the private sector to make affordable rental housing possible,” said Governor Wolf. “This is an example of the public and private sectors working together to produce outstanding end results for Pennsylvanians.”
When completed, the developments receiving funding today will preserve and create an additional 1,864 rental housing units for Pennsylvania residents.
“Over the years, tax credits have had a tremendous positive impact by stimulating the construction of affordable rental housing across Pennsylvania,” said PHFA Executive Director and CEO Brian A. Hudson Sr. “This year’s tax credits will continue that excellent record, and the state’s residents will benefit from the availability of more housing options.”
Two proposals receiving tax credits today were selected by a jury of affordable housing professionals for a funding award under the “Innovation in Design” category. St. John Neumann
II, located in Philadelphia, is being developed by Catholic Healthcare Services of the Archdiocese of Philadelphia and expands on their successful historic rehabilitation of the former St. John Neumann High School for Boys into 75 units of affordable housing for seniors.
Their proposal, consisting of 52 additional units, was selected because of the opportunities thatwill be available to residents of the property, as well as the Grays Ferry senior community, at a new Wellness Center being built at the site. Significant resources and programming will target the physical, mental, social and recreational needs of seniors.
Additionally, a development called Sunflower Fields, located in Susquehanna Township, Dauphin County, and sponsored by Monarch Development Group LLC and Affordable Housing Associates of Dauphin County Inc., was selected in the Innovation in Design category as a “Development Supported Agriculture” workforce housing development consisting of 36 singlefamily rental homes.
This proposal is supported by a variety of partnerships and will promote sustained living with long-term affordability through a community garden and harvest exchange. Additionally, the development is supported by the Capital Areal Behavioral Health Collaborative Inc., and five homes will be set aside for people diagnosed with special needs.
The 39 multifamily housing proposals that today are being awarded tax credits can be viewed below.
Contact:
Jeff Sheridan – 717.783.1116
Scott Elliott, PHFA – 717.649. 6522 ,
