Two Allentown housing projects receive PHFA funding

Two Allentown projects are among the recipients of funding from the Pennsylvania Housing Finance Agency, which is looking to bolster the construction or rehabilitation of 1,916 rental units, 1,801 of which will be for affordable housing.

The Pennsylvania Housing Finance Agency today is announcing funding for the construction or rehabilitation of 1,916 rental units, of which 1,801 will be affordable to households at or below 60% of the area median income.

The funding is coming from a variety of sources, including:

• More than $57.5 million in federal Low-Income Housing Tax Credits.

• More than $16.8 million in PennHOMES funding.

• More than $17.5 million in National Housing Trust Funds and/or Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) funds.

• More than $22.6 million in state housing tax credits.

The federal and state tax credits are administered by PHFA and were approved late last week by its board of directors.

The local projects include the nonprofit Willows at Calvary Temple in Allentown. Developer MBID Of Delaware (Ingerman) / Calvary Temple is creating 40 units that will provide access to a health care clinic, early childhood education, nutrition assistance and emergency financial aid.

The second project is Walnut Square in Allentown. Developer Cortex Residential is creating 38 units.

"We're pleased to announce these tax credit awards and additional funding that is so urgently needed to support the construction of more affordable housing around the state," said PHFA Executive Director and CEO Robin Wiessmann. "Even before the pandemic, there was a clear need for more rental housing that fits people's budgets. The demand is even stronger today, and this new round of tax credits is our best tool for creating and rehabilitating affordable housing."

The 1,801 affordable rental units being funded includes 76 units for households at or below 20% of the area median income and 40 units for households at or below 30% of the area median income, sourced by the federal Housing Trust Fund.

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