Support Local Housing: PHFA's New Funding Initiative
PHFA Seeks Proposals for Housing Initiatives
The Pennsylvania Housing Finance Agency (PHFA) has recently announced a Request for Proposals (RFP) inviting organizations to submit applications aimed at increasing the availability and affordability of housing throughout the state. The funding, which exceeds $75 million, comes from the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund.
Funding Overview and Eligibility
PHARE's funding is derived from an impact fee imposed on natural gas drilling companies, along with a portion from the Realty Transfer Tax. This financial support is accessible to housing projects in all 67 counties of Pennsylvania. As the agency responsible for managing this allocation, PHFA is committed to enhancing local housing conditions.
This year marks a significant update, as affordable housing developments that have previously secured 9% Low-Income Housing Tax Credits from PHFA are now also welcomed to apply for PHARE funding. This development speaks volumes about PHFA's dedication to evolving its strategies to meet community needs.
Community Impact and Application Process
PHFA Executive Director and CEO Robin Wiessmann highlighted the value of local partnerships. She remarked, "PHARE is extremely popular, and I think it's because local organizations are truly our partners in making PHARE work. PHARE annually provides the funding, and local organizations statewide determine how the money can be strategically allocated to address local housing needs. This ensures that PHARE funding has the best and broadest impact in our communities." This collaborative approach aims to funnel necessary resources to where they are most needed.
To streamline submissions, the RFP is accessible entirely online, simplifying the application process for organizations. Applicants can initiate their submissions through the designated PHARE website. The online platform opens for applications, allowing interested parties to engage effectively with PHFA's funding opportunities.
Webinars for Interested Parties
To assist organizations in navigating the application process, PHFA will conduct two identical informational webinars. These sessions are scheduled at 10 a.m. on specified dates, providing crucial insights on PHARE and its associated funding options. Additionally, recordings will be made available for those unable to attend the live presentations.
Transforming Housing Outcomes
Since its inception in 2012, the PHARE fund has successfully allocated significant resources toward local housing projects, resulting in impactful outcomes such as:
- 346 units rehabilitated or preserved through tax credit projects.
- 88 newly constructed single-family homes.
- Assistance to 596 potential homebuyers with down payment or closing costs.
- Over 11,000 families counseled regarding housing and financial education.
- 489 units specifically created or rehabilitated for families at risk of homelessness.
- 2,064 affordable housing units preserved or renovated.
- 189 new affordable housing units developed with PHARE funding.
- Support for over 10,000 households facing homelessness.
PHARE's Financial Impact
To date, more than $290 million from PHARE fund allocations has successfully leveraged over $1.6 billion from various other funding sources. This impressive figure signifies a remarkable nearly six-to-one return on investment in local housing initiatives, highlighting the efficiency and effectiveness of PHARE’s funding structure.
About PHFA
The Pennsylvania Housing Finance Agency is an essential entity focused on providing affordable housing solutions for numerous demographics, including older adults and low- to moderate-income families. With a commitment to fostering community development, PHFA has generated nearly $18.5 billion for over 199,500 single-family home mortgage loans and funded 103,328 rental units. The agency’s work goes beyond numbers; it significantly enhances the living standards of families across Pennsylvania.
The agency's operations primarily rely on secure funding mechanisms, such as the sale of securities and program user fees, rather than public tax dollars. Governed by a board of 14 members, PHFA ensures responsible management and distribution of its resources.
Frequently Asked Questions
What is the purpose of the PHARE funding?
PHARE funding aims to improve the availability and affordability of housing throughout Pennsylvania.
How does PHFA support housing initiatives?
PHFA administers funding, provides guidance through webinars, and encourages local organizations to apply for support.
Who can apply for PHARE funding?
Organizations involved in housing projects can apply, including those that have received past Low-Income Housing Tax Credits.
How much funding is available this year?
This year, more than $75 million is available for PHARE funding projects.
What has been the impact of PHARE funding to date?
PHARE funding has significantly improved housing availability, with thousands of families benefiting from diverse housing programs.
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