Posted: | June 2, 2022 12:13 PM |
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From: | Representative Rosemary M. Brown and Rep. P. Michael Sturla |
To: | All House members |
Subject: | ARPA Construction Cost Relief Funds |
Attainable and available housing is a serious problem across the Commonwealth. The pandemic, like many issues, has exacerbated the problem. Due to extraordinary increases in the cost 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. We plan to introduce legislation which will provide additional funding to ensure these planned projects reach completion. This legislation would allocate $150 million in American Rescue Plan funds to PHFA to provide gap funding to complete projects which have experienced major cost increases, or a loss in equity investment, as the result of the conditions noted above. Many of these projects will replace properties that were blighted, abandoned, and decaying as well, greatly affecting the viability of our local communities. This bill addresses the reality of the impacts that have occurred over the pandemic and current inflationary period, and will support the continuation of these planned projects and efforts to address our housing difficulties across the Commonwealth. Please join us in co-sponsoring this measure. |
Introduced as HB2664