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Pennsylvania Housing Finance Agency Invests in Affordable Housing

In a significant move toward improving affordable housing access, the Pennsylvania Housing Finance Agency (PHFA) has announced an impressive investment of $93.4 million. This funding will support nearly 450 initiatives aimed at expanding affordable housing across all 67 counties in Pennsylvania.

The funding comes under the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) program, a critical tool that allows local communities to tackle their housing challenges effectively. According to Governor Josh Shapiro, this nearly doubled investment in PHARE reflects the administration's commitment to addressing the ongoing housing crisis. "PHARE is one of the most effective tools we have to expand access to safe, affordable housing in every corner of the Commonwealth," he stated, emphasizing the importance of these resources for local communities.

The $93.4 million allocation includes $30 million designated for more than 30 proposed developments that have previously received Low-Income Housing Tax Credits from PHFA. This strategic approach underscores the commitment to leverage PHARE funding in conjunction with other resources to maximize its impact.

The anticipated outcomes of this funding are substantial and vary widely across the state. The PHFA has outlined several programs that will benefit from this financial boost, including:

• - Creation of 49 new single-family homes.
• - 204 potential new homebuyers will benefit from downpayment and closing cost assistance.
• - 5,990 households will receive essential housing counseling and financial education.
• - Preservation and rehabilitation of 1,662 affordable rental units not linked to Low-Income Housing Tax Credits (LIHTC), with an additional 18 units created through health partnerships.
• - Over 2,000 units will be created to support LIHTC projects.
• - Creation or rehabilitation of 57 units specifically for households at risk of homelessness.
• - Programming for 2,057 households from health housing investment funds.
• - Assistance for over 134,000 housing insecure residents facing potential homelessness through various PHARE-funded services.

PHFA officials note that over 79% of the total funding, amounting to approximately $74.6 million, is expected to benefit households earning less than 50% of the area’s median income. This focus on serving the most vulnerable populations reflects the agency's broader mission to promote economic development and provide equitable housing opportunities for all residents.

The PHFA, established in 1972, has been instrumental in generating significant funding for affordable housing since its inception. It has facilitated more than $20.1 billion in funding to support over 210,310 single-family home mortgage loans, financed the construction of more than 113,200 rental units, and helped numerous families avoid foreclosure.

For those interested in reviewing the complete list of funded initiatives, further information is available on the PHFA's official website. This funding represents not just monetary support but also a commitment to fostering sustainable communities and improving living conditions for countless Pennsylvanians.

About PHFA

The Pennsylvania Housing Finance Agency is dedicated to providing affordable housing options for older residents, low- to moderate-income families, and individuals with special housing needs. Through its robust mortgage programs and investments, PHFA aims to ensure that every Pennsylvanian has access to safe and affordable housing while promoting state-wide economic development.