Proposals from tertiary cities get priority funding
Harrisburg, Pennsylvania, August 29, 2022 /PRNewswire/ — The Pennsylvania Housing Finance Agency today issued a request for proposals for new construction or renovation of mixed-use projects seeking financial assistance. Funding is provided through the Community Revitalization Fund program. Mixed-use projects combine residential and retail/commercial space in the same building, often acting as a catalyst for neighborhood revitalization. The deadline for submission of proposals is Friday at 2:00 p.m.November 4th.
This funding program was created as part of the Commonwealth’s Fiscal Year 2017/18 Budget, and the PHFA was appointed by the General Assembly to administer it.This year’s approved state budget approved the sale of PHFA $4.5 million Take advantage of state tax credits and use the proceeds to award mixed-use property developments in the commercial/retail corridor. pennsylvania that are reviving.
Examples of projects eligible for funding include:
- Rehabilitation for immediate reuse of older or underutilized buildings to support community development goals.
- Preparation of commercial buildings and business lease space.
- Design of existing buildings and structural and legal modifications.When
- Combining the uses of one new or refurbished building to provide additional housing units.
“The goal of the Community Activation Fund program is to provide an economic spark to communities around the world. pennsylvaniaand adding much-needed affordable housing,” said the PHFA Executive Director and CEO. Robin Wiesmann“Local interest in this funding has always been high and because of all the good results it can produce.”
Eligible applicants for this fund include local government units (counties, cities, wards, etc.). redevelopment authorities; commercial enterprises; non-profit organizations; and economic development organizations. This year’s proposal evaluation prioritizes applications from Tier 3 cities.
Information about the Community Revitalization Fund RFP can be found on the PHFA website (https://www.phfa.org/mhp/developers/loans.aspx).Interested organizations can learn more by contacting Shelby Rexlord PHFA at (717) 780-1854 or by email [email protected].
The Pennsylvania Housing Finance Agency is working to provide affordable homeownership and rental housing options for seniors, low- and middle-income families, and those with special housing needs. Through its investment in managed mortgage programs and multifamily developments, PHFA also promotes economic development statewide. Since its creation by the legislature in 1972, it has $16.5 billion Of the more than 189,374 single-family mortgage financings, we funded the construction of approximately 139,974 rental units. $239 million Helped local housing initiatives save more than 50,660 families’ homes from foreclosure. The PHFA’s program and operations are funded primarily through the sale of securities and fees paid by program users, rather than public taxes. The institution is governed by a board of 14 members.
Source: Pennsylvania Housing Finance Agency