Pennsylvania Housing Finance Agency Unveils New Allocation Plan for Affordable Housing Credits

PHFA's 2027/2028 Qualified Allocation Plan for Affordable Housing

The Pennsylvania Housing Finance Agency (PHFA) has officially released its Qualified Allocation Plan (QAP) for the 2027/2028 period, targeting the development and preservation of affordable housing through the provision of Low-Income Housing Tax Credits (LIHTC). This plan is a crucial resource for developers dedicated to enhancing housing accessibility in Pennsylvania.

This newly revised QAP has been thoughtfully crafted by the PHFA, taking into account input from a diverse range of stakeholders, including developers, housing advocates, and the general public. Its primary focus is to outline the agency's priorities, requirements, and guidelines for applications concerning federal housing tax credits allocated to eligible affordable housing projects. Robin Wiessmann, Executive Director and CEO of PHFA, expressed her enthusiasm about the innovative proposals this plan is expected to generate, stating, "We are excited to introduce this reimagined QAP and look forward to the proposals it will generate. This plan is designed to encourage innovative housing solutions, strengthen communities, and continue our work to create and preserve quality affordable housing for Pennsylvanians."

The deadline for developers seeking 9% tax credits in 2027 is set for 3 p.m. on February 17, 2027. There is a possibility that this deadline could be extended at the discretion of PHFA, ensuring that stakeholders have ample time to prepare their applications. The 2027/2028 QAP, along with comprehensive details on the LIHTC application process and program requirements, is publicly available on the PHFA's website.

The impact of the LIHTC program has been significant since its inception four decades ago, with an average of 2,500 new or preserved affordable rental units being established each year across Pennsylvania. This highlights the importance of continued investment in affordable housing initiatives, particularly as communities grapple with rising housing costs and a growing demand for low-income housing solutions.

About PHFA

The Pennsylvania Housing Finance Agency has been a pivotal force in providing affordable housing options for older adults, low- and moderate-income families, and individuals with special housing needs. Established by the state legislature in 1972, the PHFA has effectively channeled over $21.6 billion into the housing sector. This funding has enabled the execution of more than 213,110 single-family home mortgage loans and contributed to the construction of upwards of 113,200 rental units across the state. Additionally, the agency has disbursed approximately $453 million to bolster local housing initiatives and has played a critical role in preventing foreclosure for more than 51,000 families.

PHFA's financial strategies and operations rely predominantly on proceeds from securities sales and fees from program users, rather than public tax dollars. Governed by a dedicated 14-member board, the agency continues to prioritize expanding affordable homeownership and rental housing options.

As affordable housing remains a pressing issue statewide, the PHFA's initiatives through the QAP will be vital in addressing the needs of those requiring access to affordable living spaces, thereby enhancing the overall quality of life for many Pennsylvanians.