Real Estate Marketing & Beyond
The Pennsylvania Housing Finance Agency has unveiled seven projects that will receive $4.5 million in funding for the construction or renovation of mixed-use developments. This financial support was generated through the sale of tax credits under the Mixed-Use Development Tax Credit Program, with the proceeds being channeled into the Community Revitalization Fund Program.
Pennsylvania Housing Finance Agency administers the Mixed-Use Development Tax Credit Program; its board of directors approved the selected projects earlier today. The beneficiaries of the funding are detailed in the table below:
Project |
Recipient organization |
County |
Award |
|
| 1 | Homestead Municipal Building | Fifth Source LLC | Allegheny | $500,000 |
| 2 | West Aliquippa St. Joseph Development | GetBlok.io Inc. | Beaver | $700,000 |
| 3 | Downtown Heights | Smoove Investments LLC | Delaware | $600,000 |
| 4 | 461-463 West 8th Street | Pineapple Real Estate LLC | Erie | $800,000 |
| 5 | The Pajama Factory | Pajama Games LLC | Lycoming | $700,000 |
| 6 | Centre and Berwick Street Revitalization | Redevelopment Authority of Easton | Northampton | $600,000 |
| 7 | 5700 Germantown Ave | 5700 Germantown LLC | Philadelphia | $600,000 |
| TOTAL FUNDING | $4,500,000 | |||
The Community Revitalization Fund Program aims to catalyze high-impact neighborhood revitalization initiatives across the state. This current round of funding prioritizes applications from smaller cities and communities, including third-class cities, recognizing their unique revitalization needs.
We anticipate the projects funded today will produce 93 new or rehabilitated residential units and 36,856 square feet of commercial-retail space, Most communities have an urgent need for more affordable rental units, so those will provide an immediate benefit, and the commercial portion of these properties can be powerful economic drivers in the towns and cities where they are located.
PHFA Executive Director and CEO Robin Wiessmann
The Mixed-Use Development Tax Credit Program was incorporated into the Commonwealth's 2016 fiscal year budget. PHFA receives an annual allocation of $4.5 million in credits to generate capital for community revitalization. The General Assembly has authorized the agency to oversee the administration of this endeavor's tax credit and program elements.
As an initiative to foster community revitalization, the Community Revitalization Fund Program aims to augment or restore economically distressed regions of the state with retail and commercial space in addition to affordable housing. "Mixed-use" refers to retail and residential space structures for these developments.
The utilization of funds allocated via the Community Revitalization Fund Program is adaptable, allowing for its application in various methods to effectively accomplish the program's goals. One potential use of the generated funds is to finance the renovation of dilapidated or obsolete structures, which could subsequently contribute to the advancement of the community. It is feasible to convert these structures into affordable accommodation or commercial use.
Questions about the Mixed-Use Development Tax Credit Program or the Community Revitalization Fund Program can be directed to Shelby Rexrode at PHFA at (717) 780-1854 or by email at [email protected].
