HARRISBURG, Pa., Aug. 30, 2021 /PRNewswire/ -- The Pennsylvania Housing Finance Agency today is issuing a Request for Proposals for new construction, or the rehabilitation, of mixed-use projects seeking financial support. Funding will be provided through the Community Revitalization Fund Program. The deadline for proposal submission is 2 p.m. on Friday, Nov. 5.
Mixed-use projects combine residential and retail/commercial space in the same building and often serve as a catalyst for neighborhood revitalization.
This funding program was created as part of the commonwealth's fiscal year 2017/18 budget, and PHFA was designated by the General Assembly to administer it. This year's approved state budget authorized PHFA to sell $4.5 million of state tax credits and use the proceeds to make awards for the development of mixed-use properties in commercial/retail corridors in Pennsylvania that are undergoing revitalization.
Examples of projects eligible for funding include:
- The rehabilitation of older or under-utilized buildings for immediate re-use to support community development goals;
- Preparing commercial build-out and business lease space;
- The design of, and structural and legal conversion of, existing buildings; and
- The provision of additional units of housing by combining uses in a single, newly constructed or renovated building.
"Funding to stimulate economic development is always important, but it's especially needed coming out of the pandemic," said PHFA Executive Director and CEO Robin Wiessmann. "The added value of these mixed-use projects is that they include affordable housing, which we need more than ever for moderate- and low-income families in Pennsylvania."
Eligible applicants for this funding include units of local government (counties, cities, boroughs, etc.); redevelopment authorities; for-profit firms; non-profit groups; and economic development organizations. Applications from third-class cities will be given higher priority in this year's proposal evaluations.
Information about the Community Revitalization Fund RFP is posted on the PHFA website at: https://www.phfa.org/mhp/developers/loans.aspx. Interested organizations can learn more by contacting Shelby Rexrode at PHFA at (717) 780-1854 or by email at [email protected].
The Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing 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 more than $15.4 billion of funding for more than 183,500 single-family home mortgage loans, helped fund the construction of 138,000 rental units, distributed approximately $191 million to support local housing initiatives, and saved the homes of nearly 50,400 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The agency is governed by a 14-member board.
SOURCE Pennsylvania Housing Finance Agency