Nearly $1.2 Million in Tax Credits Announced for Senior Housing in Phoenixville

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HARRISBURG, PA — State Rep. Melissa Shusterman, D-Chester/Montgomery, announced that Phoenixville was recently awarded nearly $1.2 million in tax credits through the Pennsylvania Housing Finance Agency.

Funding was awarded through the PHFA board using Low Income Housing Tax Credits, PennHOMES funding, and National Housing Trust Funds to construct 1,974 affordable multifamily rental units in Pennsylvania.

“This money will allow us to expand upon our mission of ensuring our most vulnerable neighbors have equitable access to affordable and stable housing,” Shusterman said. “We have seen during the course of the pandemic how vital these resources are, and I am happy to see such an investment to approve the lives of our aging population.”

The tax credits will be utilized as the 50-apartment complex continues to be built at 115 Buchanan St. in Phoenixville. The units, reserved for those 62 and older, will be available at or below 60% of the area median income.

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The Phoenixville project was announced in conjunction with awards totaling more than $43.6 million in LIHTC, more than $7.4 million in PennHOMES funding, and more than $15.9 million in National Housing Trust Funds.

“This news will be a welcome sign of relief for some of those within our senior community who may be looking for more affordable housing options,” Shusterman said. “For those on a fixed budget, the price of housing continues to rise, and these tax credits will offer more housing options with the underlying goal of offsetting some of the financial burdens facing our elderly neighbors.”

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