Governor Wolf Announces Tax Credits and PennHOMES Funding for Affordable Multifamily Developments in Pennsylvania

Funding Administered by PHFA Will Support Construction and Rehabilitation of 39 Developments Statewide

 

July 14, 2016

Harrisburg, PA – Governor Tom Wolf today announced awards of $40.3 million in tax credits and $5.9 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments located throughout Pennsylvania. The tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board.

 

The tax credits awarded to developers will be used to attract more than $407 million of investment funding for building, and rehabilitating, multifamily housing offering affordable rents.

 

“This tax credit program touches many lives by making affordable housing available through a powerful partnership between the public and private sectors,” said Governor Wolf. “Pennsylvania communities win because the program makes possible the construction of housing for seniors, veterans and others that wouldn’t be possible otherwise.”

 

When completed, the developments receiving funding today will preserve and create an additional 1,875 rental housing units for Pennsylvania residents.

 

Read full press release here.

 

VMC Veterans Community Awarded Tax Credit

We are happy to announce our vision for a Veteran Community in partnership with Orens Brothers Real Estate was one of 8 in the Philadelphia area awarded funding and will soon be a reality! The project, Edison 64 Veterans Community, will provide affordable housing for Veterans with a rich array of on-site supportive services. The project offers permanent units of affordable rental housing and involves the adaptive reuse of the former Edison High School into a highly sustainable building and valuable resource to the community. 

Anonymous - Philadelphia, PA

"I am the wife of a Viet Nam Veteran. My husband started going to PVMSEC 10 years ago for help. No mere words could ever express how much his life and in turn our family life has changed for the better in those years. I am and always will be grateful for the wonderful care he has received at the Philadelphia Veterans Multi-Service Center & Education Center."

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