PHFA Announces 2010 Conditional Tax Credit Reservations
The Pennsylvania Housing Finance Agency (PHFA) made their much anticipated announcement of the 2010 conditional low-income housing tax credit reservations yesterday. It was a very competitive round. According to information on PHFA’s website, 28 projects received conditional awards out of the 83 projects that submitted applications to receive credits in the 2010 funding round. PHFA received applications for over $74 million of credits, however only $23.7 million of credits are available for 2010. There was no stimulus funding available for the 2010 round, which in addition to an average equity pay-in of 71 cents, made for the fewest number of projects funded in the past few years. No due date has been announced at this time for the 2011 round applications, however it is anticipated to be between December 2010 and January 2011.
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