PHFA Announces 2018 Low-Income Housing Tax Credit and PennHOMES Awards
Governor Tom Wolf yesterday announced conditional awards totaling $43.4 million in low-income housing tax credits and approximately $3.8 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments in Pennsylvania. The tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board.
"These tax credits are crucial because they fill a current void in the housing marketplace," said Governor Wolf. "Low-income housing tax credits make possible the construction of affordable rental housing that otherwise wouldn't get built. Given the ongoing demand for affordable housing, the apartments we make possible with this funding will make people's lives better and will meet a critical need in communities statewide."
When completed, the developments receiving conditional funding yesterday will preserve and create an additional 1,941 rental housing units for Pennsylvania residents.
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