Keystone Today

Governor Tom Wolf announced last week that more than $92.5 million in funds will be used for affordable rental units across the commonwealth through the Pennsylvania Housing Finance Agency (PHFA).

According to a release by Wolf’s office on Nov. 10, the funding includes $44.2 million in low income housing tax credits, more than $9 million in funds through PennHOMES and more than $20 million through the National Housing Trust Fund that will go toward building 1,459 affordable housing units for rent. These are for multifamily rental units.

“The funding we award today will have a significant impact by adding 1,459 affordable rental units once construction is completed,” Wolf said. “In all communities across the state, affordable housing is in great demand, which is why the allocation of this funding is important for addressing that need.” 

The funding will help preserve and create 1,518 additional rental units. This includes 1,459 for low-income residents. The release noted that 123 units are for Pennsylvanians living at 30% or below the median income level in the area.

This is also the first year PHFA is awarding funds for new Pennsylvania housing tax credits that amount to $19.3 million. These are federal and state tax credits approved by the PHFA board.

“Tax credits are so important because they fill a void in the marketplace for the construction of affordable housing,” PHFA Executive Director and CEO Robin Wiessmann said. “Even before the pandemic, there was clear demand for more rental housing that fits people’s budgets. That demand is even stronger today, and this new round of tax credits, plus the additional funding, are vital for creating and rehabilitating much-needed affordable housing.”