HARRISBURG, PA — Pennsylvania is seeking proposals through Oct. 30 for mixed-use development projects competing for financing backed by $4.5 million in state tax credits, with projects in third-class cities receiving priority as the state targets commercial corridors undergoing revitalization.
The Pennsylvania Housing Finance Agency issued the request for proposals through the Community Revitalization Fund Program, which supports new construction and rehabilitation projects combining residential and commercial or retail uses.
PHFA is authorized this year to sell $4.5 million in state tax credits and use the proceeds for grants supporting eligible developments.
The program was created as part of Pennsylvania’s fiscal 2017-18 budget, with the General Assembly assigning its administration to PHFA.
Eligible projects include rehabilitating older or underused buildings for reuse, preparing commercial space for tenants, converting existing buildings and adding housing by combining residential and commercial uses within new or renovated properties.
The financing is intended for projects in Pennsylvania commercial and retail corridors undergoing revitalization. Applications involving third-class cities will receive higher priority during this year’s evaluation process.
Eligible applicants include counties, cities, boroughs and other local governments, as well as redevelopment authorities, for-profit businesses, nonprofit organizations and economic development groups.
PHFA Executive Director and CEO Robin Wiessmann said the financing is intended to help projects attract additional investment.
“The Community Revitalization Fund Program provides a much-needed boost to aid community development across Pennsylvania,” Wiessmann said. “These investments help move forward projects that attract additional investment.”
Proposals are due by 2 p.m. Friday, Oct. 30.
The request for proposals is available at https://www.phfa.org/mhp/developers/loans.aspx. Applications can be submitted at https://crfp.phfa.org.
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