The agency is now accepting bids on the tax credits
The Pennsylvania Housing Finance Agency (PHFA) is accepting bids on tax credits to raise funds for the construction or rehabilitation of mixed-use developments in communities throughout the state.
PHFA intends to raise funding from the sale of $4.5 million in mixed-used development tax credits, which the winning bidders can use to reduce their state tax liability. Bidders can be companies, organizations, or individuals.
Implemented in 2017, the tax credit program authorizes PHFA to administer and sell the credit through directed or negotiated sales to any qualified taxpayer. PHFA will award the tax credits within 90 days after bidding closes, but the credits will only be effective for use in 2024 against a 2023 tax liability.
According to its release, PHFA will invest the funds collected from the bidding process in community revitalization projects, which will be selected during a competitive Request for Proposals process later this year.
“Mixed-use developments bring the benefit of both commercial activity and affordable housing to a community,” said Robin Wiessmann, executive director and CEO of the Pennsylvania Housing Finance Agency. “We’re grateful to those who bid on these tax credits because the funding they provide makes the construction or rehabilitation of these new mixed-use developments possible.”
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