|Posted:||June 8, 2021 12:47 PM|
|From:||Senator David G. Argall|
|To:||All Senate members|
|Subject:||Funding Pennsylvania's Low-Income Housing Tax Credit Program|
|I plan to introduce legislation which will fund the Pennsylvania low-income housing tax credit program authorized by Act 107 of 2020 to become effective during the 2021-22 fiscal year. Act 107 requires additional legislative action in order to implement the program.
My bill will authorize making $10 million in tax credits available annually to the Pennsylvania Housing Finance Agency to be used to facilitate the development of housing to benefit Pennsylvanians who are priced out of the rental market – such the first responders, teachers and others who are such an integral part of our communities. Act 107 requires that at least 10% of the credits be used for housing for households at or below 30% of median income.
The tax credits would be issued only after the projects are completed, and a recent study noted that a $10 million investment in affordable housing yields an economic impact of $19.6 million, while supporting more than 100 jobs and $4.5 million in wages,
Pennsylvania - particularly in our smaller towns - has a substantial need for affordable housing, and current economic conditions have made meeting that need even more difficult. Among the challenges we face is the need for investor capital to enable us to develop new units, and this tax credit will help the private sector to obtain the resources to be able to do so.
Please join me in sponsorship of this important initiative.
Introduced as SB763