Jun. 15, 2022
HARRISBURG – Rep. Rosemary M. Brown (R- Monroe/Pike), majority chairwoman of the House Urban Affairs Committee, announced her bill that would help ensure the development of attainable and affordable housing units was approved unanimously by the committee Tuesday.
“With lingering economic hardships from the COVID-19 pandemic and increasing inflation, tough times are seemingly only getting tougher,” said Brown. “This is why it is so important to advance legislation that is going to help continue the efforts to make attainable housing units available.”
Attainable and available housing is a serious problem across the Commonwealth. The pandemic, like many issues, has only exacerbated the problem. Due to extraordinary increases in the costs of labor, materials, and energy, as well as supply chain factors, many housing projects funded through the Pennsylvania Housing Finance Agency (PHFA) are in jeopardy. This legislation would provide additional funding to ensure these planned projects reach completion.
House Bill 2664 would establish the Development Cost Relief Program within the PHFA to support the development of attainable/affordable housing units. An eligible development under the bill would need to meet all the following criteria: has applied for or received a conditional or allocated award of the federal Low-Income Housing Tax Credit (LIHTC); has not received a certificate of occupancy for the project; and has experienced cost increases, or loss of investment, related to the effects of the COVID-19 pandemic, and needs additional funding to complete the LIHTC project.
Money in the fund may not be used to supplement the agency’s other resources unless the development risks noncompliance with LIHTC. Projects that received construction cost relief last year may receive additional funding under the bill. The program would be funded with $150 in American Rescue Plan Act funding.
The bill now moves on to the full House for consideration.
Representative Rosemary Brown
189th Legislative District
Pennsylvania House of Representatives
Media Contact: Katie Park
717.885.3846
kpark@pahousegop.com
RepBrown.com |
Facebook.com/RepRosemaryBrown
