The governor of Pennsylvania, Governor Rendell, and the Pennsylvania Housing Finance Agency recently announced the approval for funding for 99 projects that will make affordable senior housing more prevalent in the commonwealth comes from the Neighborhood Stabilization and Low Income Housing Tax programs. Some of the senior housing and living projects approved for funding include:
Pennsylvania Housing Finance Agency funding – Delaware County
- Edgmont Senior Apartments will receive $14,148,914 to develop 87 units.
- Roizman Development will receive $6,705,034 to develop 38 units at Madison Senior Apartments.
Pennsylvania Housing Finance Agency funding – Fayette County
- Uniontown Senior Housing will receive $2,782,421 for the development of 36 units.
Pennsylvania Housing Finance Agency funding – Franklin County
- Chambersburg Senior Housing will receive $5,864,450 for the development of 32 units.
Pennsylvania Housing Finance Agency funding – Philadelphia County
- Presser Senior Apartments will receive $2,259,189 for the development of 45 units.
Neighborhood Stabilization will provide $57 million to help rehabilitate properties in the state that were subject to foreclosure as a result of subprime mortgage lending practices. NSP funding – authorized by the federal Housing and Economic Recovery Act of 2008 and administered by the Pennsylvania Department of Community and Economic Development – will assist 650 families through 28 projects undertaken by local governments across the commonwealth. The Low Income Housing Tax Credit program will provide $320 million in stimulus funding to help put more than 3,580 families in affordable rental housing units. The funding will be made available by the Pennsylvania Housing Finance Agency, which will allow more than 3,580 families to move into affordable rental housing units.
"This is great news for families who have been hit hard by the foreclosure crisis in Pennsylvania, as the investments we are announcing today will help provide affordable housing for tens of thousands of Pennsylvanians," said Governor Rendell, who made the announcement at a former school in Steelton that will be converted into apartments. "This is clear evidence that President Obama’s stimulus bill and Congress’ efforts to address the impact of this housing emergency are making a real difference in Pennsylvania.
"It’s also a great day for families who need help coming up with a down payment for a new home. This creative, new program represents the spirit of partnership and innovation the President challenged us to employ when he signed the stimulus bill."