On August 28, 2023, the Pennsylvania Housing Finance Agency issued a Request for Proposals for projects seeking financial support for the rehabilitation (or new construction, where appropriate) of mixed-use redevelopment with neighborhood revitalization potential.
Funding will be provided through the Community Revitalization Fund Program.
Mixed-use projects combine residential and retail/commercial space in the same building and often serve as a catalyst for neighborhood revitalization.
This funding program was created as part of the commonwealth’s fiscal year 2017/18 budget, and PHFA was designated by the General Assembly to administer it.
This year’s approved state budget authorized PHFA to sell $4.5 million of state tax credits and use the proceeds to make awards for the development of mixed-use properties in commercial/retail corridors in Pennsylvania that are undergoing revitalization.
Examples of projects eligible for funding include:
- The rehabilitation of older or under-utilized buildings for immediate re-use to support community development goals;
- Preparing commercial build-out and business lease space;
- The design of, and structural and legal conversion of, existing buildings; and
- The provision of additional units of housing by combining uses in a single, newly constructed or renovated building.
“Our goal with these investments is not only to provide critical funding but also to move forward the completion of a project, or projects, that can boost community development,” said PHFA Executive Director and CEO Robin Wiessmann.
“In smaller communities, the construction of a pivotal project can provide an economic spark or help attract additional investments, and that is what we’d like to achieve with this funding,” she added.
Eligible applicants for this funding include units of local government (counties, cities, boroughs, etc.); redevelopment authorities; for-profit firms; non-profit groups; and economic development organizations.
Applications from third-class cities will be given higher priority in this year’s proposal evaluations.
Interested organizations can learn more by contacting Shelby Rexrode at PHFA at (717) 780-1854 or by email at srexrode@phfa.org.
The deadline for proposal submission is 2 p.m. on Friday, November 3, 2023.
Photo courtesy of Pennsylvania Housing Finance Agency.