PHFA announces $11.2 million in funding and approximately $30 million in tax credits for multifamily developments in Pennsylvania

Agency funding will support 33 developments statewide

HARRISBURG, Pa., July 15, 2011 /PRNewswire-USNewswire/ -- The board of the Pennsylvania Housing Finance Agency yesterday conditionally approved $11.2 million in funding and approximately $30 million in tax credits for the construction of affordable multifamily housing developments located throughout Pennsylvania.

In total, PHFA announced conditional funding for 33 developments statewide. These resources will be used to leverage local, state, federal and private funding needed to complete the financing plans for these construction initiatives.

These multifamily developments create affording housing opportunities for families and seniors across Pennsylvania and promote vital economic activity in rural and urban communities. When completed, the new developments will provide an additional 1,568 housing units for Pennsylvania residents.

"Our multifamily housing awards are a vital part of the work done each year by the Pennsylvania Housing Finance Agency," said PHFA Executive Director and CEO Brian A. Hudson Sr. "The multifamily developments made possible by this funding fulfill our mission to expand affordable housing options for Pennsylvanians. Plus, since these financial awards fund new housing construction, they boost economic development around the state and have a positive ripple effect throughout the local communities where they're located."

The 33 multifamily housing proposals conditionally awarded PHFA funding and tax credits are identified on this Web page:  http://www.phfa.org/forms/2011MultifamilyAwards.pdf.  

The dollar amounts of these awards are not being released at this time because they are conditional and may still change. Market conditions have become more competitive since applications were received, so the development teams identified today to receive funding are being asked to review their equity funding to ensure it is the best possible in today's financial markets. The dollar amount of these multifamily development awards will be announced in late summer once the recipients respond to PHFA with this information.

About PHFA

The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental apartment options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated $10.3 billion of funding for more than 145,000 single-family home mortgage loans and 83,000 rental units, while saving the homes of more than 46,000 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities, not by public tax dollars. PHFA is governed by a 14-member board.

SOURCE Pennsylvania Housing Finance Agency