The Pennsylvania Housing Finance Agency today has opened the application process for the $100 million Housing Options Grant Program. This program provides a new affordable housing development tool by making additional money available to create or preserve more affordable rental housing in the state.
The application is available online. In addition to the web-based application, also available are the final guidelines for the program (look under “News & Awards 2019 – Present,” click on the year “2023”).
This is the first year of this program which will fund emergency repairs to existing affordable rental units, the rehab and preservation of currently existing affordable apartments, and the construction of new affordable rental units.
“This funding provides a valuable opportunity to create more affordable rental housing at a time when the demand is greater than ever,” said PHFA Executive Director and CEO Robin Wiessmann. “Even before we opened the application, we saw tremendous public interest in this new program. We are very encouraged by that.”
The Housing Options Grant Program is intended to fund housing that has not already received Low Income Housing Tax Credit funding, or that does not anticipate receiving LIHTC funding during the next four years. LIHTC developments from 2018 through 2026 will not be eligible to apply. Additionally, applications for projects that are still in the LIHTC IRS compliance period (initial 15 years) will not be eligible to apply.
The funding connected with this program is coming from the American Rescue Plan Act and must be awarded by the end of 2024.
Click here to learn more or to apply.
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