PHFA Awards Funding for Two Bradford County Projects

June 13, 2014

HARRISBURG – State Senator Gene Yaw (R-23) today applauded the approval of $918,226 in state tax credits and $622,406 in PennHOMES funding by the Pennsylvania Housing Finance Agency (PHFA) for two Bradford County development projects.

The Wyalusing Meadows project will utilize tax credits in order to construct 39 townhomes consisting of 10 one-bedroom units, 26 two-bedroom units, and 14 three-bedroom units for a total of 50 units for general occupancy.

The Towanda Terrace project will utilize PennHOMES funding to construct a four-story building, with an elevator, consisting of 38 one-bedroom units for seniors 62 and older.

“This funding plays a critical part in the state’s effort to improve our economy and provide affordable housing to state residents, especially in the Northern Tier and across my Senate District,” Yaw said.  “This is a clear example of how funding authorized by the PHFA Board, coupled with natural gas impact fee funds, are being directed back to their home counties.  I applaud the Mission First Housing Development Corporation and Trehab on the success of their applications.”

“These low-income housing tax credits are the best investment tool available to us to support the construction of affordable rental housing across Pennsylvania,” said PHFA Executive Director and CEO Brian A. Hudson, Sr.

Overall, PHFA awarded $20.4 million in federal tax credits and $8.5 million in federal PennHOMES funding for the construction of 24 affordable, multi-family housing developments in suburban and rural areas of Pennsylvania.

Additional information about these developments is available on the PHFA website at: http://www.phfa.org/developers. Click on the first bullet.

CONTACT:  Rita Zielonis, 717-787-3280