Deborah McColloch, Director: 1234 Market St., 17th Floor, Philadelphia, PA 19107
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Pennsylvania Housing Finance Agency (PHFA)
PHFA is the Commonwealth of Pennsylvania’s leading provider of capital for affordable homes and apartments.

Click here to link to PHFA website

Homeownership Choice Program (HCP)
The PHFA board sets aside funds to create the PHFA Homeownership Choice Program (HCP). HCP provides funds for the development of single-family homes for purchase in urban communities. HCP is intended to be a part of a municipality’s comprehensive approach to increase the net investment in housing in urban areas while building mixed-income communities and encouraging diversity of homeownership. HCP encourages market-sensitive and innovative land-use planning concepts and works in concert with commercial development and community and downtown revitalization efforts. The focus is on the development of new homeownership opportunities and the transformation of disinvested urban neighborhoods into attractive places to live, thereby offering a viable alternative to sprawling development.

Program requires partnerships between the municipality, a for-profit and non-profit builder/developer. Minimum size is 50 units.
PHFA issues Requests For Proposals (RFP) periodically. The City of Philadelphia selects development projects to submit in response. Developers do not apply directly.
Director, OHCD
Director, Office of Strategic Planning and Policy, PHFA

Click here to visit the HCP page on the PHFA website

PennHOMES Program
PHFA provides permanent financing for rental projects through the PennHOMES Program. It offers interest-free, deferred payment loans to support the development of affordable rental housing for lower-income residents. Financing is structured as primary or secondary mortgage loans. Eligible sponsors include for-profit or nonprofit entities. Developers may receive up to $22,500/unit in PennHOMES financing but increase their chances of receiving financing if requesting a lower per-unit amount. Application is competitive.

Development proposal submitted to PHFA
Annual application
Contact: 717-780-3882
Director of Development, PHFA

Low-Income Housing Tax Credits (LIHTC)
PHFA allocates federal Low-Income Housing Tax Credits (LIHTC) to generate private investment equity for rental ventures. It administers a $20-million annual allocation for the Commonwealth of Pennsylvania. This program provides owners of, and investors in, affordable rental housing developments with tax credits that offer a dollar-for-dollar reduction in their tax liability. The credit may be taken for up to 10 years. Tax credits are usually sold to investors with the proceeds used to cover project costs. Application is competitive. Tax credits are set aside regionally. Monthly LIHTC rates are available online.

Requests for an application (the Tax Credit Program Guide) should be submitted in writing to the address below.
211 North Front Street
P. O. Box 8029
Harrisburg, PA 17101-8029
FAX 717.780.3867
Generally two applications per year are issued.
Contact: 717-780-3882
Manager, Tax Credits, PHFA

Click here to view the LIHTC Manual on the PHFA website

Construction Loans
This program makes below-market-rate construction loans available to sponsors of rental housing projects who have permanent take-out financing from other lenders. At least 20 percent of the residents must have incomes that do not exceed 80 percent of the area’s median income.

Development proposal submitted to PHFA
Annual application
Contact: 717-780-3882
Director of Development, PHFA

Housing Developments using
HCP funding

Pradera Phase 1 completed in North Philadelphia

Jeferson Square under construction in South Philadelphia

Section of the future site of Union Hill Homes in West Philadelphia

Housing Developments using
LIHTC funding

Universal Point in South Philadelphia

Belmont Affordable Project in West Philadelphia

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