PHILADELPHIA – The Pennsylvania Housing Finance Agency (PHFA) has allocated $11.880 million in Low Income Housing Tax Credits, $13.355 million in PHARE funding, and $4.7 million in National Housing Trust Fund dollars to support 42 affordable housing development and service projects across Philadelphia. The PHFA allocations will complement $33 million in development funding committed by the City of Philadelphia. Based on current pricing the $11.880 million in tax credits will result in nearly $110 million in private equity invested into the projects.
The development projects will produce or preserve 1,958 affordable units, 184 of which will serve people who are experiencing or have experienced homelessness. Another project will provide financial assistance for 100 people experiencing homelessness who are in shelter or transitional housing.
“I want to thank Governor Wolf and PHFA executive director and CEO Robin Wiessmann for this investment in affordable housing in Philadelphia,” said Mayor Jim Kenney. “The City cannot solve its affordable housing and homelessness problems alone. We need – and value – the partnership with the state. This partnership with the Commonwealth and PHFA has benefitted thousands of Philadelphians. These projects help us build, preserve, and support new units and programs to help people who are working poor to those who are homeless. We appreciate the support.”
In addition to development projects, the PHARE funding allocations will support a variety of housing services. Those services include foreclosure prevention, housing counseling, home repairs, pest eradication and support for equitable development. The programs will benefit people experiencing homelessness, veterans, seniors, non-English speakers, and workers learning a construction trade.
“Our Housing Action Plan calls for 100,000 new and preserved homes by 2029,” said Anne Fadullon, Director of Planning and Development for the City of Philadelphia. “Nearly 75,000 of those homes are to be affordable or for people experiencing homelessness, and the developments supported by PHFA and the City with this funding are critical if we are to reach that goal.”
In addition to providing funding, the City and the Philadelphia Housing Authority have provided publicly owned land to support affordable housing development in Center City, Mantua, eastern North Philadelphia and other neighborhoods.
“PHARE funds and Low Income Housing Tax Credits are incredibly competitive,” said Robin Wiessmann. “That these projects received funding or tax credits speaks to their importance in the city and in their communities. We are pleased that we once again can partner with the City to provide much needed affordable housing.
The list of PHARE awards, a description of the PHARE projects, and the list of tax credit awards are all available on the PHFA website.