Deborah McColloch, Director: 1234 Market St., 17th Floor, Philadelphia, PA 19107
Google Plus facebook   tweet

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.

Requirements:
Program requires partnerships between the municipality, a for-profit and non-profit builder/developer. Minimum size is 50 units.
Timeframe:
PHFA issues Requests For Proposals (RFP) periodically. The City of Philadelphia selects development projects to submit in response. Developers do not apply directly.
Contacts:
215-686-9750
Director, OHCD
717-780-1801
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.

Requirements:
Development proposal submitted to PHFA
Timeframe:
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.

Requirements:
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
717.780.3818
FAX 717.780.3867
Timeframe:
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.

Requirements:
Development proposal submitted to PHFA
Timeframe:
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

Policy - Planning Housing - Programs Acquisition/Disposition City Initiatives Financials

Consolidated Plan

Housing Resource Guide

Legal Notices

Press Releases

RFPs

Reports

Affordable Housing

Homeownership Programs

Home Repair Programs

Homes for Sale

Rental Housing

Special-Needs

Acquisition

Vacancy/Disposition

Contact Us

Job Openings

Link to PHDC website

Link to PRA website

Choice Neighborhoods

Anti-Predatory Lending

Avoid Foreclosure Scams

Foreclosure Prevention

Housing Trust Fund

NACs

Auditing

HUD

Income Guidelines

Keystone Communities

PHFA

Tax Abatement

Open Records Policy
©2014 OHCD all rights reserved: click here for Terms of Use

It is the policy of the City of Philadelphia to provide services without regard to race, color, religion, sex, sexual orientation, having AIDS or being perceived to have AIDS, national origin, ancestry, physical handicap or age.

Site Design Tiger Productions