IRS Releases October LIHTC Rates
Last Chance to Register for McKonly & Asbury's Fall 2012 Affordable Housing Seminar!

PHFA Accepting Proposals for Use of PHARE and Marcellus Shale Funding to Improve Housing in Areas Impacted by Natural Gas Drilling

PHFA_logo_300The Pennsylvania Housing Finance Agency has issued a Request for Proposals (RFP) for projects to improve the availability and affordability of housing in the Marcellus Shale region of the state.

The funding is being made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund and Marcellus Shale impact fees. This funding will include $2.5 million collected in 2011 and $5 million collected each year that follows. Additional funding to be added to the PHARE Fund may include Marcellus Shale impact fees provided to municipalities that exceed a certain percentage or dollar amount set by law.

Eligible applicants for the RFP include Pennsylvania counties that have adopted ordinances authorizing the imposition of an impact fee and that have producing, unconventional gas wells. Also eligible are municipalities that have excess (or spillover) funds deposited into the PHARE Fund, as noted above.
“We want the RFP to be as flexible as possible in considering ways we can expand the quantity and quality of housing in those communities impacted by the upsurge in natural gas drilling in the state,” said PHFA Executive Director and CEO Brian A. Hudson Sr.

“We understand that different communities will undertake different approaches for addressing their housing needs, including such options as adding more multifamily housing, providing rental assistance, expanding homeownership opportunities, and other development ideas. We’re looking for proposals that reflect the needs and wants of the communities they’ll serve.
“The end result will be improved housing options suited to the needs of the people who live in those regions affected by the increase in natural gas drilling.”

The RFP stresses the agency’s desire to fund projects that will leverage other funds secured to improve housing in a community. Proposals must ensure that at least 15 percent of any funds awarded will be used to help people or families with incomes below 50 percent of the median area income. Also, proposals cannot serve people or families with incomes above 200 percent of the median area income. Additional requirements are described in detail in the RFP.
More information along with the RFP is available by clicking here. The deadline for proposal submission is November 2 at 2 pm.

About PHFA
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated $10.6 billion of funding for more than 148,233 single-family home mortgage loans and 83,000 rental units, while saving the homes of more than 46,000 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. PHFA is governed by a 14-member board.


Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)