PHFA announces $4.8 million for community revitalization projects
HARRISBURG, Pa., April 13, 2023 /PRNewswire/ -- The Pennsylvania Housing Finance Agency today announced seven projects to be awarded $4.8 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.
- The goal of the Community Revitalization Fund Program is to stimulate high-impact neighborhood revitalization projects around the state.
- PHFA is allocated $4.5 million in credits annually to sell to generate community revitalization capital.
- 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 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.