The PHARE funding comes from the Macellus Shale Fund, the Realty Transfer Tax Fund, and the National Housing Trust Fund.
Pennsylvania low-income housing tax credits
In a separate statement, Gov. Wolf also announced a $3.8 million in PennHOMES funding for the construction of 39 affordable multifamily housing developments.
He also declared conditional awards totaling $43.4 million in low-income housing tax credits to fill the current void in the housing market.
The governor explained, “Low-income housing tax credits make possible the construction of affordable rental housing that otherwise wouldn’t get built.”
He added that the PennHOMES funding will help make people’s lives better given the demand for affordable housing. The developments are expected to add 1,941 rental housing units for Pennsylvania residents.
On the other hand, PHFA CEO and Executive Director Brian Hudson Sr., commented, “When you look at how well these tax credits leverage our public-private partnerships for building affordable housing, the value of this program is unmistakably clear.”
