#United States #Harrisburg #Pennsylvania Housing Finance Agency #Mixed-Use Development #Community Revitalization Fund

Pennsylvania Housing Finance Agency Unveils $4.7 Million for Community Revitalization Efforts

Pennsylvania Housing Finance Agency Announces $4.7 Million for Community Revitalization Projects

The Pennsylvania Housing Finance Agency (PHFA) has recently made a significant announcement regarding its commitment to community revitalization throughout the state. A total of $4.7 million will be allocated to seven impactful projects aimed at both residential and commercial development. This funding stems from the sale of tax credits under the Mixed-Use Development Tax Credit Program, with the aim of bolstering neighborhoods that are in need of renewal and development.

PHFA Executive Director and CEO, Robin Wiessmann, expressed confidence in the initiative, stating that the efforts will generate 62 new or rehabilitated residential units, in addition to providing 18,065 square feet of commercial-retail spaces. The selected projects span seven counties and are specifically designed to benefit smaller cities and underserved communities. Notably, four out of the seven projects are located in third-class cities, highlighting the focus on areas that can greatly benefit from this kind of economic stimulus.

The primary mission of the Community Revitalization Fund Program is to stimulate high-impact neighborhood revitalization projects. By combining housing and commercial space, these projects aim to meet essential community needs while facilitating business growth. According to Wiessmann, “The combination of housing and commercial space meets important community needs and can provide a beneficial spark to business activity.”

The tax credit program, a product of the commonwealth’s fiscal year 2016 budget, has an annual allocation of $4.5 million in credits that PHFA sells to generate capital for community revitalization projects. The agency has been entrusted by the General Assembly to oversee both the tax credit and the associated program components.

The flexibility of the funding under the Community Revitalization Fund Program allows it to be utilized in various ways. This includes the rehabilitation of older, underutilized buildings to foster community development. Such rehabilitated structures not only provide affordable housing options but also facilitate commercial activities essential for local economies.

Here's a breakdown of the projects that will receive the funding:

Project Name	Recipient Organization	County	Award Amount
---------	------	--	---
Wilkinsburg Bank Building	901 Wood LLC	Allegheny	$700,000
Stott Building	233 Front St LLC	Centre	$800,000
21-23 N. Hanover/25 Alexander Ave	Shumberger Real Estate Group	Cumberland	$500,000
The Gateway	Wildheart Ministries	Dauphin	$500,000
Dinah's Hill Apartments	Chestnut Housing Corporation	Lancaster	$600,000
Blight Remediation – Fourth Street	Redevelopment Authority of Bethlehem	Northampton	$800,000
Oil City Downtown Development of Downs	Oil Region Alliance	Venango	$800,000
TOTAL FUNDING			$4,700,000

The approval of these projects occurred earlier today by the PHFA board, demonstrating a concerted effort to strengthen communities across Pennsylvania. Through programs like this, the PHFA continues to make strides in expanding affordable housing options while concurrently promoting economic vitality. The agency's mission includes providing support for older adults, low- to moderate-income families, and individuals with special housing needs. Since its establishment in 1972, PHFA has generated an impressive $18.9 billion in funding for home loans while saving thousands of families from foreclosure.

For inquiries regarding the Mixed-Use Development Tax Credit Program or the Community Revitalization Fund Program, interested parties are encouraged to contact Shelby Rexrode at PHFA at (717) 780-1854 or via email at shelby.rexrode@phfa.org.