PHFA

PHFA Issues Extension Guidance for 10% Tests and Placed In Service Dates

PHFA_logo_300The Pennsylvania Housing Finance Agency (PHFA) has issued guidance on extensions of 10% Tests and Placed in Service Dates as a result of COVID-19. 

2019 Developments that entered into a Carryover Agreement prior to March 30, 2020, will receive a six month extension to meet the 10% Test. The new deadline for those owners to incur more than 10% of the Development's reasonably expected basis is April 25, 2021. Developments that were awarded a Forward Commitment of 2020 Low-Income Housing Tax Credits (LIHTC) and entered into a Carryover Agreement in April 2020 will also have until April 25, 2021, to incur more than 10% of the Development's reasonably expected basis.

 

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PHFA Announces 2019 Low-Income Housing Tax Credits and PennHOMES Awards

PHFA_logo_300Governor Tom Wolf yesterday announced awards totaling $41.6 million in low-income housing tax credits and $7.7 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.

"Tax credits are the best tool we have for funding the construction of affordable rental housing," said Governor Wolf. "Tax credits provide the incentive for investment, which in turn funds the construction. The end result is more affordable housing options for Pennsylvanians."

When completed, the developments receiving funding yesterday will preserve and create an additional 1,708 rental housing units for Pennsylvania residents.

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PHFA Annouces 2016 Low-Income Housing Tax Credit and PennHOMES Funding Awards

PHFA_logo_300On Friday, July 15, 2016, Governor Tom Wolf announced awards of $40.3 million in tax credits and $5.9 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments located throughout Pennsylvania. The tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board. The tax credits awarded to developers will be used to attract more than $407 million of investment funding for building, and rehabilitating, multifamily housing offering affordable rents.‚ÄúThis tax credit program touches many lives by making affordable housing available through a powerful partnership between the

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PHFA Releases Final 2016 Qualified Allocation Plan

PHFA_logo_300The Pennsylvania Housing Finance Agency (PHFA) issued the final 2016 Qualified Allocation Plan (QAP).

Applicants will be required to submit an Intent to Submit a Tax Credit Application - Fact Sheet and Development Synopsis on or before January 8, 2016. According to information presented at the Pre-Application Workshop on October 22, 2015, this information is to be submitted electronically along with an operating budget and related narrative. A major change for this year is that applications must be submitted electronically, along with one bound paper copy. The entire application package is due to PHFA by 3:00 p.m. on March 4, 2016 in both electronic and paper form.

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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.

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