HARRISBURG, Pa. (WHTM) — Governor Tom Wolf announced on Thursday that over $18 million will be poured into building 36 affordable housing developments in the commonwealth.
When completed, the developments receiving funding look to create an additional 1,785 rental units for residents, including 70 for people at or below 30 percent of the area median income supported by the National Housing Trust Funds.
The governor says that $42 million in Low Income Housing Tax credits were awarded. Those credits were delivered by the Pennsylvania Housing Finance Agency following board approval.
“These investments in housing benefit everyone because communities need housing for people at all income levels if they are to stay vibrant and growing,” Wolf said. “Demand is high for these tax credits because they make possible the construction of affordable rental housing that otherwise wouldn’t be financially feasible.”
“Low Income Housing Tax Credits are essential because they draw on public-private partnerships to achieve the construction of affordable rental housing that might otherwise never be built,” said PHFA Executive Director and CEO Robin Wiessmann. “The allocation of this funding reflects our commitment to address the affordable housing crisis, and the public-private investments that are being made will provide a stimulus to Pennsylvania’s economy.”