Harrisburg, July 15, 2016 − More than $4.3 million in tax credits to aid in the development of affordable housing in South, Southwest and West Philadelphia were approved by the Pennsylvania Housing Finance Agency (PHFA), state Sen. Anthony H. Williams (D-Philadelphia/Delaware) said today.
“The tax credits are key parts of the financing mix to help ensure these important projects are completed,” Williams said. “Tax credits are tools that can be used to encourage the rehabilitation and development of new affordable housing.”
The tax credits approved by the PHFA involve a total of four projects in Williams’ district.
The Witherspoon Senior Apartment project was approved for $1.2 million in tax credits. The project includes the rehabilitation and construction of a new, two-story building containing 60 units for individuals 62 and older. The construction consists of one-bedroom units and six accessible units. The total project cost for the Witherspoon Senior Apartments project is $16.2 million.
PHFA approved $1.1 million in tax credits for Phase III of the Anthony Wayne Senior Housing. There will be 45 units involved in the construction of a new three-story building. The total development cost for Phase III is estimated at $14.4 million.
The WPRE IV project includes both new construction and rehabilitation of old structures. The project calls for the development of 60 units for general occupancy. The total cost is estimated to be $14 million. PHFA approved $1.1 million in tax credits for this initiative.
The preservation of 48 single-family homes in Haddington was approved for $995 thousand in PHFA tax credits. At an estimated total project cost of $16.6 million, the Haddington III Preservation Initiative will result in the preservation of two, three and four bedroom units.
“For many years, PHFA has been a partner in helping develop affordable housing in neighborhoods and communities throughout Pennsylvania,” Williams said. “These new tax credits will result in important investments that help rebuild and improve our neighborhoods in Philadelphia.”