Seven mixed residential-commercial projects in seven counties to receive funding
The Pennsylvania Housing Finance Agency announced seven projects to be awarded $4.7 million for the construction or rehabilitation of mixed-used developments. The funding was raised through the sale of tax credits under the Mixed-Use Development Tax Credit Program, the proceeds of which are being used to fund the work of the Community Revitalization Fund Program.
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The goal of the Community Revitalization Fund Program is to stimulate high-impact neighborhood revitalization projects around the state. This round of funding is prioritizing applications from smaller cities and communities, including third-class cities.
“We anticipate the projects funded will produce 62 new or rehabilitated residential units and 18,065 square feet of commercial-retail space,” said PHFA Executive Director and CEO Robin Wiessmann. “Four of the seven projects receiving funding are located in third-class cities, where they can play a major role in stimulating economic growth and revitalization. The combination of housing and commercial space meets important community needs and can provide a beneficial spark to business activity.”
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The Mixed-Use Development Tax Credit Program is administered by the Pennsylvania Housing Finance Agency, and the selected projects were approved earlier today by its board of directors. The list of funding recipients is provided in the table below.
The Mixed-Use Development Tax Credit Program was created as part of the commonwealth’s fiscal year 2016 budget. PHFA is allocated $4.5 million in credits annually to sell in order to generate community revitalization capital. The agency has been directed by the General Assembly to administer both the tax credit and program components of this initiative.
The Community Revitalization Fund Program seeks to expand or rehabilitate affordable housing coupled with retail/commercial space to promote community revitalization, especially in those parts of the state that are struggling economically. The term “mixed-use” for these projects refers to buildings that combine both commercial/retail and residential space.
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The application of funding through the Community Revitalization Fund Program is flexible, and it can be used in a number of ways to address the program’s objectives. For instance, the dollars generated can fund the rehabilitation of older or underutilized buildings that can then help promote community development. Those buildings can be restored for commercial use and to provide affordable housing.
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Source – PR Newswire
