PHFA is currently accepting bids for multipurpose development tax credit purchases | Around the Web-Pennsylvania

Harrisburg, Pennsylvania, June 21, 2021 / PRNewswire /-The Pennsylvania Housing Finance Agency announced today that it is accepting bids for purchases. $ 3 million Mixed-use development tax credit. The funds raised from the winning bidder will be used for the construction or rehabilitation of multipurpose development. Pennsylvania community.The deadline for bidding is Friday 2:00 pm, July 16th.

These tax credits are used by successful bidders, such as businesses, organizations, and individuals, to reduce state tax obligations. The purpose of the bidding process is to raise as much money as possible from. $ 3 million A tax credit that can be used to provide a large investment in community revitalization projects in various communities. The projects that receive this funding will be selected during the competitive request for proposal process later this year.

The state’s tax credit program was created as part of the federal fiscal year 2016/2017 budget (implemented). July 1, 2017), PHFA was instructed to manage the credit. PHFA has been approved to sell these tax credits, either directly or through bargaining sales to qualified taxpayers. The tax credit will be available within 90 days of the end of the bid. The credit award will take place in 2021, but will not be available until 2022 for the 2021 tax obligations.

PHFA Executive Director and CEO said: Robin Weissman.. “The retail and commercial parts of each project bring economic activity to the community in which it is located. Of course, the affordable housing offered is always in great demand. Multipurpose projects are always valued by the community. Brings positive energy. “

For more information on mixed-use development tax credits and the current bidding process PHFA website (Scroll down). Program guidelines and bidding criteria can be found there. An annual report identifying projects that have been awarded these tax credits in previous years is also available on that web page.Interested organizations can learn more by contacting Blythe Maletsuki PHFA ((717) 780-1867) or email (

About PHFA

The Pennsylvania Housing Finance Agency strives to provide affordable home ownership and rental housing options for the elderly, low- and middle-income households, and those with special housing needs. PHFA also promotes state-wide economic development through a carefully managed mortgage program and investment in multifamily home development. Since it was founded by Congress in 1972, it has been $ 15.2 billion Funding over 182,570 single-family mortgages, funding the construction of 138,000 rental units, approximately 191 million distributions to support local housing initiatives, and relief from the foreclosure of approximately 50,400 homes .. PHFA’s programs and operations are funded primarily from the sale of securities and fees paid by program users, rather than public taxes. The institution is governed by a committee of 14 people.

Media contacts:

Scott Elliott

717-649-6522 (cell)

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Source Pennsylvania Housing Finance Agency

PHFA is currently accepting bids for multipurpose development tax credit purchases | Around the Web-Pennsylvania

Source link PHFA is currently accepting bids for multipurpose development tax credit purchases | Around the Web-Pennsylvania

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