The Pennsylvania Housing Finance Agency issued a request for proposals for new construction or the rehabilitation of mixed-use projects seeking financial support.
Mixed-use projects combine residential and retail/commercial space in the same building and often serve as a catalyst for neighborhood revitalization.
Examples of projects eligible for funding include:
– The rehabilitation of older or under-utilized buildings for immediate re-use to support other community development goals;
– Preparing commercial build-out and business lease space;
– The design of, and structural and legal conversion of, existing buildings; and
– The provision of additional units of housing by combining uses in a single, newly constructed or renovated building.
Eligible applicants for the funding include units of local government (counties, cities, boroughs, etc.); redevelopment authorities; for-profit firms; non-profit groups; and economic development organizations. Applications from third-class cities will be given higher priority in this year’s proposal evaluations.
“We’re looking to fund projects that not only will bring a direct benefit to communities but that also have the potential to attract additional investment to areas seeking redevelopment,” stated PHFA Executive Director and CEO Brian Hudson Sr. “Our goal is to use this funding in a way that achieves the maximum benefit for communities and stimulates revitalization beyond each individual project receiving financial support.”
The deadline for proposal submission is 2 p.m. on Oct. 18.
Funding will be provided through the Community Revitalization Fund Program. This year’s approved state budget authorized the PHFA to sell $3 million of state tax credits and use the proceeds to make awards for the development of mixed-use properties in commercial/retail corridors in Pennsylvania that are undergoing revitalization.