Last legislative session, the General Assembly created the Pennsylvania Tax Credit Program but without funding. This session, the General Assembly fully funded the tax credit program at $10 million per year with projects able to receive a maximum of $1.5 million in tax credits. The Pennsylvania Housing Finance Agency (PHFA) will develop the program guidelines and administer the tax credit program. Thank you to all of our partners, affordable housing developers, and the Pennsylvania Developer’s Council in getting this important program funded.
The General Assembly created the PHFA Construction Cost Relief Program. According to PHFA, this program provides $50,000,000 to, “ensure the state’s Low-Income Housing Tax Credit construction projects are not further delayed due to rapidly rising construction costs and other unforeseen cost increases.”