HARRISBURG – State Senator Gene Yaw (R-23) today applauded the approval of loan and tax credit requests by the Pennsylvania Housing Finance Agency (PHFA) for two affordable multifamily housing developments located in Bradford and Union counties.
Gateway Commons, located in Athens Township, Bradford County, has been approved for a $1,443,354 PennHOMES loan and $1,013,162 in tax credits to construct 11 two-story townhomes, consisting of 40 one, two and three bedroom units for general occupancy. The project is estimated to be a total of 59,954 square feet.
Penn Commons, located in Lewisburg, Union County, has been approved for a $968,742 PennHOMES loan and $878,726 in tax credits to construct seven buildings consisting of 5 one-bedroom units, 12 two-bedroom units and 8 three-bedroom units for general occupancy. The project is estimated to be a total of 43,868 square feet.
“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. “I applaud Trehab and the Union County Housing Associates, Inc. on the success of their applications.”
“Over the years, tax credits have had a tremendous positive impact by stimulating the construction of affordable rental housing across Pennsylvania,” said PHFA Executive Director and CEO Brian A. Hudson Sr. “This year’s tax credits will continue that excellent record, and the state’s residents will benefit from the availability of more housing options.”
Statewide, PHFA awarded $12.5 million in PennHOMES funding and $36.9 million in tax credits for the construction of 39 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.
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CONTACT: Rita Zielonis, 717-787-3280