State funding to add more than 1,400 rental units in Pennsylvania
Pennsylvania housing tax credits total more than $19.3 million in state credits this year, according to a Thursday news release from Gov. Tom Wolf’s office.
Awards totaling more than $44.2 million in Low Income Housing Tax Credits, more than $9 million in PennHOMES funding, and more than $20 million in National Housing Trust Funds will fund the construction of 1,459 affordable multifamily rental units in Pennsylvania, the news release said.
The federal and state tax credits are administered by the Pennsylvania Housing Finance Agency, and were approved by its board.
“Tax credits are so important because they fill a void in the marketplace for the construction of affordable housing,” said Robin Wiessmann, housing finance agency executive director and CEO. “Even before the pandemic, there was clear demand for more rental housing that fits people’s budgets. That demand is even stronger today, and this new round of tax credits, plus the additional funding, are vital for creating and rehabilitating much-needed affordable housing.”
