The Pennsylvania Housing Finance Agency (“PHFA”) announced last week that it received 140 “Intent to Submit a Tax Credit Application – Fact Sheet” submissions by the January 8, 2016 deadline. The 2016 funding round looks to be one of the most competitive to date with those 140 applications competing for just over $29.4 million in tax credits to be allocated in Pennsylvania. PHFA also announced that due to the high demand for low-income housing tax credits, developments receiving awards of 2016 tax credits will be required to meet a closing and commencement of construction date of March 31, 2017.