Legislation Introduced to Create Pennsylvania State Housing Tax Credit
Legislation was recently introduced by Sen. Tom Killion (R-Delaware) to create a Pennsylvania Housing Tax Credit (“PHTC”). The legislation allows for $10 million in credits per fiscal year.
The guidelines for the PHTC will be created by the Pennsylvania Housing Finance Agency and are expected to be similar to those of the federal Low-Income Housing Tax Credit (“LIHTC”). The eligible applicants and eligible uses will reflect those allowed by the LIHTC. One exception to those similarities is that the credit period for the PHTC will be 5 years as opposed to the 10 year LIHTC credit period.
The legislation calls for the credits to be allocated in a way that results in at least 10% of the credits providing housing that targets households with incomes at or below 30% of area median income.
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