PHFA Unveils New Tax Credits and Funding for Affordable Rental Housing Across Pennsylvania
The Pennsylvania Housing Finance Agency has announced funding for the construction or rehabilitation of 1,916 rental units, with 1,801 units designated as affordable for households earning at or below 60% of the area median income. This funding, sourced from over $57.5 million in federal Low-Income Housing Tax Credits, $16.8 million in PennHOMES funding, $17.5 million in National Housing Trust Funds or PHARE funds, and $22.6 million in state housing tax credits, also includes a new $1.8 million Health for Housing Investment initiative that partners with healthcare organizations to improve health outcomes for residents in affordable housing.
Federal Initiatives Aim to Simplify Homebuyer Access to Fixer-Uppers
The U.S. Department of Housing and Urban Development has updated its 203(k) rehabilitation loan program to provide homeowners with increased financing and extended timelines for renovations. These changes aim to encourage more people to use the program, which facilitates purchasing and renovating homes through a single mortgage, supporting neighborhood revitalization efforts nationwide.
Audit Reveals Thousands of Delayed Demolitions and Repairs by Philly's L&I
Philadelphia's Department of Licenses & Inspections (L&I) is understaffed and lacks sufficient funding to address thousands of unsafe properties, recovering only a fraction of the costs for necessary demolitions and repairs, according to a report by the City Controller. The report recommends active recruitment for more inspectors, improved systems for tracking and collecting fees, and collaboration with courts to reduce delays in follow-up inspections.
Philadelphia Sheriff Sales Deed Delays: Investors Left Waiting as Process Stalls
Buyers who purchased properties at Philadelphia sheriff sales are facing significant delays in receiving their deeds, causing financial and operational challenges. Previously taking six to eight weeks, the deed recording process now spans seven months or longer, without explanation from Sheriff Rochelle Bilal's office. Buyers like Dave Brown, who invested in a renovation project last November, waited seven months for their deeds, impacting their ability to access, repair, or rent out properties. The delays, attributed to software changes and administrative issues, have left many feeling frustrated and financially burdened.
Philadelphia Secures $3.3 Million HUD Grant to Tackle Affordable Housing Barriers
Philadelphia received a $3.3 million grant from HUD to address affordable housing barriers, with Mayor Cherelle Parker planning to unveil a comprehensive housing strategy by October. This funding, part of the PRO Housing initiative, will support naturally occurring affordable homes and address the impact of climate change on housing affordability.
New Legislation Alert: Hapco Keeps You Updated!
HB 2443 (Tenant right to Counsel) has been introduced and Referred to House Housing and Community Development Committee. For more information, click the link below.