Philly Leader

Six projects have been awarded $3.7 million toward constructing or rehabilitating mixed-use developments through funding from the Mixed-Use Development Tax Credit Program.

The funds are being used for the Community Revitalization Fund Program, which is focused on revitalizing high impact neighborhoods; a recent press release from Gov. Tom Wolf's office said. This round of funding prioritizes smaller cities and communities. 

The projects include: $700,000 for 1009 Wood Street in Allegheny County; $600,000 for the Herron and Wylie Project in Allegheny County; $600,000 for the Wright Project in Lawrence County; $500,000 for the Color Lab Rehab at the Valley Housing Development Corporation in Lehigh County; $600,000 for the Winter Street Project involving the Philadelphia Chinatown Development Corporation in Philadelphia; and $700,000 for the New Freedom District involving the Islamic Cultural Preservation and Information Council New Africa Center and Mosaic Development Partners in Philadelphia.

"Mixed-use projects are always a plus because they bring not only new economic stimulus but much-needed housing as well," Wolf said in the release. "I'm pleased to announce these awards, and I look forward to seeing their future impact in the communities where they're located."  

The tax credit program was built into the 2016-17 state budget and is through the Pennsylvania Housing Finance Agency (PHFA), the release said. Each year $4.5 million in tax credits are sold to revitalize capital. The PHFA was created in 1972 and has generated $15.9 billion to fund 186,412 single-family home mortgage loans and also fund the construction of 138,000 rental units. Approximately $191 million has been distributed to local housing initiatives, and 50,520 families have been saved from foreclosure. The focus is providing affordable homes for older adults to own and rent, those with special housing needs and families living on low- and moderate incomes.

"We anticipate the projects funded today will produce 83 new or rehabilitated residential units and 28,000 square feet of commercial-retail space," Robin Wiessmann, PHFA executive director and CEO, said. "Most communities have an urgent need for more affordable rental units, and the commercial portion of these properties can be powerful economic drivers in the towns and cities where they're located. We expect these six projects to be a welcome addition in their communities."