Tax credit bid deadline is July
19
HARRISBURG, Pa., June 18,
2024 /PRNewswire/ -- The Pennsylvania Housing Finance
Agency announced today that it is accepting bids for the purchase
of $4.5 million in mixed-use
development tax credits. The funds collected from successful
bidders will be used for the construction or rehabilitation of
mixed-use developments in Pennsylvania communities. The deadline for
bids is 2 p.m. on Friday, July
19.
These tax credits will be used by the winning bidders to reduce
their state tax liability. The bidders can be companies,
organizations, or individuals. The intent of the bidding process is
to raise as much funding as possible from the $4.5 million in tax credits being made available
to provide for a significant investment in community revitalization
projects in various communities. The projects to receive this
funding will be selected during a competitive Request for Proposals
process later this year.
This tax credit program was created as part of the
Commonwealth's fiscal year 2016-2017 budget (implemented
July 1, 2017), and PHFA was directed
to administer the credit. PHFA was authorized to sell these tax
credits through directed or negotiated sale to any qualified
taxpayer. It is expected that the tax credit awards will be made
within 90 days after bidding closes. The credit awards will be made
in 2024, but they are not effective for utilization until 2025
against a 2024 tax liability.
"The proceeds from the sale of these tax credits will support
projects that often serve as an anchor to spark additional economic
growth in commercial districts," said PHFA Executive Director and
CEO Robin Wiessmann. "This funding
will be used in a way that not only attracts significant investment
in the projects being funded, but also promotes the revitalization
of neighboring properties."
More information about the mixed-use development tax credit and
the current bidding process is available on the PHFA website at:
www.phfa.org/mhp/developers/loans.aspx (scroll down). Program
guidelines and bid criteria are posted there. Interested
organizations can learn more by contacting Shelby Rexrode at PHFA at (717) 780-1854 or by
email at srexrode@phfa.org.
About PHFA
The Pennsylvania Housing Finance Agency works to provide affordable
homeownership and rental housing options for older adults, low- and
moderate-income families, and people with special housing needs.
Through its carefully managed mortgage programs and investments in
multifamily housing developments, PHFA also promotes economic
development across the state. Since its creation by the legislature
in 1972, it has generated more than $18.1
billion of funding for more than 198,000 single-family home
mortgage loans, helped fund the construction of 103,328 rental
units, distributed approximately $289
million to support local housing initiatives, and saved the
homes of more than 50,860 families from foreclosure. PHFA programs
and operations are funded primarily by the sale of securities and
from fees paid by program users, not by public tax dollars. The
agency is governed by a 14-member board.
Media contact
Scott Elliott
717-649-6522 (cell)
selliott@PHFA.org
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SOURCE Pennsylvania Housing Finance Agency