HARRISBURG, PA — Sen. Tom Killon (R-9) introduced new legislation, SB 1185, to create a Pennsylvania state housing tax credit.
“This new tax credit will incentivize private investment in new and existing affordable housing in the Commonwealth,” said Sen. Tom Killion. “Affordable housing is an economic driver. It builds state and local tax bases, creates jobs, provides homes in proximity to workplaces, and revitalizes communities.”
Sen. Tom Killion (R-9) is the prime sponsor and original co-sponsors include: Sen. Killion (R-9), Sen. Argall (R-29), Sen. Blake (D-22), Sen. Browne (R-16), Sen. Fontana (D-42), Sen. Gordner (R-27), Sen. Hughes (D7), Sen. Leach (D-17), Sen. McGarrigle (R-26), Sen. Vogel (R-47), Sen. Vulakovich (R-38), and Sen. Yudichak (D-14.)
“Pennsylvania is in need of affordable housing opportunities for low-income residents,” said Phyllis Chamberlain, executive director of the Housing Alliance. “A state housing tax credit will increase the viability of affordable housing projects for developers and private investors looking to build or rehabilitate properties.”
Pennsylvania has an affordable housing crisis, and the need for additional affordable units is real. For every 100 low-income households in Pennsylvania, there are only 66 affordable rental units, and for every 100 very low-income households, there are only 38 affordable units available.
The state housing tax credit will be modeled after the highly successful federal Low Income Housing Tax Credit (LIHTC.) LIHTC is the major vehicle for the creation and preservation of affordable housing in this country, yet is oversubscribed. A state housing tax credit will create a new resource that can be used in conjunction with LIHTC. Investors receive a state credit for their contribution.
Source: Thomas H. Killion (R), Pennsylvania State Senate, Senate District 9
Thanks for visiting! MyChesCo brings reliable information and resources to Chester County, Pennsylvania. Please consider supporting us in our efforts. Your generous donation will help us continue this work and keep it free of charge. Show your support today by clicking here and becoming a patron.