Funding Boost: PHFA Allocates $4.7 Million for Revitalization
PHFA Allocates $4.7 Million for Community Projects
The Pennsylvania Housing Finance Agency has made a significant announcement regarding the allocation of $4.7 million towards the revitalization of communities through mixed-use developments. This initiative encompasses seven different projects spread across various counties, all intended to bolster both residential and commercial spaces.
Goals of Community Revitalization Funding
The funding is part of an effort to enhance neighborhoods and stimulate economic growth. The Community Revitalization Fund Program targets investments that create high-impact projects, especially in smaller cities and struggling communities. This funding round is focused on improving environments where revitalization can lead to economic upliftment.
Project Outcomes
The funding is expected to yield substantial results, with projections of 62 new or rehabilitated residential units along with over 18,000 square feet dedicated to commercial retail space. This blend of living and commercial areas is crucial for meeting pressing community needs, essentially revitalizing entire neighborhoods.
Details on the Mixed-Use Development Tax Credit Program
The Mixed-Use Development Tax Credit Program, administered by PHFA, is pivotal in generating additional resources aimed at community improvement. The funding sourced from tax credit sales is specifically aimed at initiatives that expand affordable housing while also promoting commercial enterprise.
This program, established through the fiscal budget for 2016, allows PHFA to sell $4.5 million worth of tax credits annually, aimed at encouraging development projects. The flexibility of the funding means it can be utilized to rehabilitate older buildings, transforming them into valuable community assets.
Adaptable Funding Applications
The funds from the Community Revitalization Fund can be applied creatively to meet program goals. They may be used to rehabilitate underutilized buildings, providing both commercial opportunities and affordable housing solutions, thus fostering overall community development.
List of Funded Projects
Here’s a brief overview of the projects awarded funding:
- Wilkinsburg Bank Building - $700,000 to 901 Wood LLC
- Stott Building - $800,000 to 233 Front St LLC
- 21-23 N. Hanover/25 Alexander Ave - $500,000 to Shumberger Real Estate Group
- The Gateway - $500,000 to Wildheart Ministries
- Dinah's Hill Apartments - $600,000 to Chestnut Housing Corporation
- Blight Remediation – Fourth Street - $800,000 to Redevelopment Authority of the City of Bethlehem
- Oil City Downtown Development of Downs Building - $800,000 to Oil Region Alliance
This comprehensive funding not only embodies a financial investment but also signifies a commitment to fostering sustainable community growth and development.
Continued Impact and Future Directions
The Pennsylvania Housing Finance Agency aims to continuously support affordable housing initiatives and economic development. By prioritizing those areas with significant need, such programs can change the landscape for communities yearning for revitalization.
Contact Information for Inquiries
If you have any questions regarding the Mixed-Use Development Tax Credit Program or the Community Revitalization Fund Program, you can reach out to Shelby Rexrode at PHFA directly.
Frequently Asked Questions
What is the purpose of the funding announced by PHFA?
The funding aims to support mixed-use development projects that provide both affordable housing and commercial opportunities within communities.
How many projects received funding?
Seven projects were awarded funding to promote community revitalization efforts.
What types of spaces will these projects include?
The projects will include residential units and commercial retail spaces to enhance neighborhood attractiveness and functionality.
Who can be contacted for more information on the programs?
Inquiries can be directed to Shelby Rexrode at PHFA for further information regarding the funding programs.
What is the significance of mixed-use developments?
Mixed-use developments are crucial as they combine residential and commercial spaces, which can stimulate economic activity and provide essential services to the community.
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