The Pennsylvania Housing Finance Agency has just approved a $9.3M series of tax credits to build affordable housing in Philadelphia.
Spread out over eight developments, the tax credits will assist in the building of 495 affordable units. Among the developers to receive tax credits are El Asociacion Puertorriquenos en Marcha with 80 units; Orens Brothers with 66 units; the Philadelphia Housing Authority with 55 units; and the Elon Group with 45 units, according to Curbed.
The developers have been directed to sell the tax credits to investors, who will receive those credits on their taxes for the next 10 years. As the City of Philadelphia said in a statement, "A developer who is awarded a $1M tax credit and has an investor willing to pay $0.97 per dollar can raise $9.7M for development costs."
Bisnow is hosting our Multifamily and Affordable Housing Forum on July 28 at World Café Live. [Curbed]
