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A new statewide program seeks to preserve and expand Pennsylvania’s supply of affordable rental housing for residents at risk of housing instability, including people facing homelessness or escaping domestic violence or human trafficking.
Launched by the Pennsylvania Housing Finance Agency, the $35 million initiative offers 0% interest, deferred-payment loans to private and nonprofit developers, municipalities and housing authorities.
The deadline to apply is 2 p.m. on April 1.
“I would characterize this as so important because it provides a safety net for qualifying populations so that they can benefit the same way other populations can in terms of access to affordable housing,” said Robin Wiessmann, executive director and CEO of PHFA.
The U.S. Department of Housing and Urban Development will administer the initiative with dollars from the American Rescue Plan.
Under the program, 70% of the funding must go to housing projects aimed at helping vulnerable residents in Pennsylvania, regardless of their income, and those at risk of homelessness.
The rest of the units must be affordable to households earning up to 80% of the area median income, a data point that shifts by region. In Philadelphia, that translates to $66,850 for an individual.