PHFA Invites Proposals for Housing Initiatives
The Pennsylvania Housing Finance Agency (PHFA) has issued a Request for Proposals (RFP) that encourages organizations to submit applications aimed at boosting the availability and affordability of housing across the state. With over $75 million in funding available, this initiative is backed by the Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) Fund.
Overview of Funding and Eligibility
The funding from PHARE originates from an impact fee charged to natural gas drilling companies, as well as a share from the Realty Transfer Tax. This financial assistance is open to housing projects in all 67 counties throughout Pennsylvania. As the agency charged with managing these funds, PHFA is dedicated to improving housing conditions in local communities.
This year brings an important change: affordable housing developments that have already received 9% Low-Income Housing Tax Credits from PHFA can now also apply for PHARE funding. This update demonstrates PHFA's commitment to adapting its strategies to better meet community needs.
Community Focus and Application Process
Robin Wiessmann, the executive director and CEO of PHFA, emphasized the importance of partnerships with local organizations. She said, "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 is designed to direct essential resources to the areas that need them the most.
To make the submission process easier, the RFP is fully available online, allowing organizations to apply efficiently. Interested applicants can begin their submissions through the designated PHARE website, which is currently open for applications, fostering engagement with PHFA's funding opportunities.
Webinars for Interested Organizations
PHFA will host two identical informational webinars to assist organizations in navigating the application process. Scheduled for 10 a.m. on specific dates, these sessions will provide valuable insights into PHARE and its funding options. For those who can’t attend the live sessions, recordings will be accessible afterward.
Transforming Housing Outcomes
Since its establishment in 2012, the PHARE fund has allocated substantial resources to local housing projects, leading to significant achievements such as:
- 346 units rehabilitated or preserved through tax credit projects.
- 88 new single-family homes built.
- Support provided to 596 aspiring homebuyers for down payment or closing costs.
- Over 11,000 families offered counseling on housing and financial education.
- 489 units created or rehabilitated for families at risk of homelessness.
- 2,064 affordable housing units preserved or renovated.
- 189 new affordable housing units developed using PHARE funding.
- Assistance given to more than 10,000 households facing homelessness.
The Financial Impact of PHARE
To date, the PHARE fund has channeled more than $290 million, successfully attracting over $1.6 billion from various other funding sources. This impressive figure signifies an astonishing nearly six-to-one return on investment in local housing initiatives, underscoring the effectiveness and efficiency of PHARE’s funding framework.
About PHFA
The Pennsylvania Housing Finance Agency plays a vital role in providing affordable housing solutions for a wide range of populations, including older adults and low- to moderate-income families. Demonstrating a commitment to community development, PHFA has facilitated nearly $18.5 billion in over 199,500 single-family home mortgage loans and financed 103,328 rental units. Beyond the numbers, the agency strives to significantly enhance the living standards of families across Pennsylvania.
PHFA's operations mainly rely on secure funding sources, such as the sale of securities and user fees from programs, rather than on 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?
The PHARE funding is designed to improve housing availability and affordability throughout Pennsylvania.
How does PHFA assist housing initiatives?
PHFA provides funding, offers guidance through webinars, and encourages local organizations to apply for support.
Who is eligible to apply for PHARE funding?
Organizations involved in housing projects, including those that have received 9% Low-Income Housing Tax Credits in the past, can apply.
How much funding is available this year?
This year, over $75 million is allocated for PHARE funding projects.
What impact has PHARE funding had so far?
PHARE funding has greatly improved housing availability, benefiting thousands of families through various housing programs.
