INDIANA – Sen. Joe Pittman (R-41) and Rep. Jim Struzzi (R-62) announced that the Pennsylvania Housing and Finance Agency (PHFA) Board this week approved a $865,879 tax credit and $1.3 million loan for the development of affordable housing in Blairsville, Indiana County.
Once built, the Blairsville Family Housing development will offer 15 one-story buildings, consisting of 15 one-bedroom, 13 two-bedroom and two three-bedroom units for general occupancy. Four units will be handicap accessible.
“As costs for so many basic items – like food and gas – continue to skyrocket, the need for affordable housing also grows exponentially. The construction of this development will give families in our area some much-needed relief,” Sen. Pittman said. “I look forward to watching the development being built, and ultimately, families enjoying their time there.”
The development will be located on Veterans Drive at Grandview Drive.
“I am pleased to see these investments made for affordable housing in our local communities. Blairsville is an area with access to many amenities, including a walkable and welcoming downtown, local trail system and easy access to Routes 119 and 22. Programs such as this one provide great opportunities to meet the housing needs of our county residents through private and public partnerships,” Rep. Struzzi said.
The $1,366,969 PennHOMES loan has a 0% interest rate with a 40-year term. Repayment is made from excess cash flow as determined annually by PHFA.
The tax credit is authorized through the Low Income Housing Tax Credit Program, administered by the PHFA. It does not provide loans or grants but rather a tax incentive to owners of affordable rental housing. The incentive is an annual tax credit (a dollar-for-dollar reduction in the taxpayer’s federal taxes) earned in the initial 10 years following when units are placed for service, assuming program requirements are met.
CONTACT: Jeremy Dias (Sen. Pittman), firstname.lastname@example.org
Scott Little (Rep. Struzzi), email@example.com