Latest news with #PHARE
Yahoo
2 days ago
- Business
- Yahoo
PHFA announces PHARE funding for nearly 400 affordable housing initiatives across all 67 counties in Pennsylvania
$73 million will fund 387 housing initiatives; 2024-25 bipartisan budget nearly doubles the Commonwealth's commitment to affordable housing by raising the PHARE Fund cap to $100 million per year by 2027 HARRISBURG, Pa., June 11, 2025 /PRNewswire/ -- The Pennsylvania Housing Finance Agency today announced recipients of a new round of funding for housing programs made available through the Pennsylvania Housing Affordability and Rehabilitation Enhancement fund. PHFA has identified 387 housing and community development initiatives in all 67 counties that will share a portion of the total $73 million in PHARE funding for fiscal year 2024-25. The PHARE fund is managed by PHFA. "PHARE is one of the most effective tools we have to expand access to safe, affordable housing in every corner of the Commonwealth," said Governor Josh Shapiro. "That's why we've nearly doubled our investment in this program — because it works. Local communities know what they need, and PHARE gives them the resources to meet those needs, tackle the housing crisis, and help more Pennsylvanians stay in their homes. My budget proposal this year builds on that success by raising the PHARE cap to $110 million by 2028 — so we can build more homes, repair more aging properties, and deliver real results for the people of Pennsylvania." Funding for these PHARE awards comes from two main sources. Since 2012, the program has received a portion of the impact fees collected from natural gas companies operating in the state with the goal of addressing the housing shortage caused by the impact of drilling. That is supplemented with funding provided by a portion of the realty transfer tax. The PHARE fund is often referred to as the state's Housing Trust Fund. "I'm impressed each year with how well local organizations target PHARE dollars to address communities' housing needs," said PHFA Executive Director and CEO Robin Wiessmann. "We stress to applicants that their requests must demonstrate how PHARE money will be leveraged with other funding sources to make the largest housing impact possible, and that approach has significantly expanded PHARE's financial investment again this year." PHFA anticipates that today's PHARE funding will assist Pennsylvania households through a variety of affordable housing efforts, including: 270 new, affordable housing units will be created with PHARE funds; 2,050 affordable housing units will be preserved/rehabilitated; 56 new single-family homes will be created; 140 housing units will be created or rehabilitated specifically for households in danger of homelessness; 122 potential new homebuyers will receive down payment and closing cost assistance; More than 11,400 families/households will receive housing counseling and financial education; and More than 13,900 families/households in danger of homelessness will receive housing assistance (rent, utility, transportation) through PHARE-funded programming. PHFA staff report that at least $49 million (67%) of the $73 million allocated today will be used to fund housing projects benefiting households with incomes below 50% of the area median income. A list of the proposals receiving PHARE funding is available at See the bullet for "Funding Announcements." Expanding PHARE to Deliver Safe, Affordable HousingGovernor Shapiro's 2024–25 bipartisan budget made major strides to address Pennsylvania's housing crisis — nearly doubling the Commonwealth's commitment to affordable housing by raising the PHARE Fund cap to $100 million per year by 2027. PHARE remains the state's most flexible and effective tool to build, preserve, and repair affordable housing across all 67 counties. Building on that progress, the Governor's 2025–26 budget proposal invests an additional $10 million in PHARE and makes the largest overall investment in housing in Commonwealth history. It also advances efforts to keep Pennsylvanians in their homes — including $50 million for a new statewide housing repair fund, $10 million to help first-time homebuyers, and targeted eviction sealing reform. These investments, combined with the forthcoming statewide Housing Action Plan, reflect a bold and coordinated strategy to expand access to safe, affordable housing across Pennsylvania. About PHFAThe Pennsylvania Housing Finance Agency works to provide affordable homeownership and rental housing options for older adults, low- and moderate-income families, and people with special housing needs. Through its carefully managed mortgage programs and investments in multifamily housing developments, PHFA also promotes economic development across the state. Since its creation by the legislature in 1972, it has generated more than $19.7 billion of funding for more than 205,147 single-family home mortgage loans, helped fund the construction of 110,284 rental units, distributed approximately $362 million to support local housing initiatives, and saved the homes of more than 51,400 families from foreclosure. PHFA programs and operations are funded primarily by the sale of securities and from fees paid by program users, not by public tax dollars. The agency is governed by a 14-member board. Media contactScott Elliott717-649-6522 (cell)selliott@ View original content: SOURCE Pennsylvania Housing Finance Agency
Yahoo
24-04-2025
- Business
- Yahoo
Pennsylvania House passes bill to increase affordable housing aid
(WHTM)– The Pennsylvania House of Representatives passed a bill that aims to increase aid for affordable housing in Pennsylvania. House Bill 643, introduced by State Representative Sean Dougherty (D-PHILA), would allow for an increase in funding for the Pennsylvania Housing and Rehabilitation Enhancement (PHARE) Fund. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now According to Rep. Dougherty, an increase in funding enables more Pennsylvanians to have access to safe and affordable housing. Additionally, the PHARE revenue from Pennsylvania's Realty Transfer Tax reaches a statutory cap of $100 million in the 2027-2028 fiscal year. The bill would raise the cap to $110 million in 2028, helping PHARE keep up with demand, Dougherty said. 'Affordable housing is a necessity that all Pennsylvanians deserve easy access to,' said Dougherty, D-Phila. 'This bill takes a very necessary step to making more affordable housing options a real opportunity for many Pennsylvanians who are in need of it.' The bill now advances to the Pennsylvania Senate. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
