The Pennsylvania Housing Finance Agency (PHFA) announced $4.5 million will be awarded to seven projects involving the construction or rehabilitation of mixed-use developments.
According to the PHFA, 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. This round of funding is prioritizing applications from smaller cities and communities.
“We anticipate the projects funded today will produce 93 new or rehabilitated residential units and 36,856 square feet of commercial-retail space,” said PHFA Executive Director and CEO Robin Wiessmann. “Most communities have an urgent need for more affordable rental units, so those will provide an immediate benefit, and the commercial portion of these properties can be powerful economic drivers in the towns and cities where they are located.”
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