Pennsylvania Reduces Preservation Criteria, Increases Requirements for Projects Seeking Additional Credits

摘要

Developers in Pennsylvania could see fewer restrictions in obtaining low-income housing tax credits for preservation projects, but face more requirements for projects seeking additional tax credits under proposed changes in the state's 2012 qualified allocation plan (QAP). For 2012, the Pennsylvania Housing Finance Agency (PHFA) has proposed setting aside 15 percent of its volume cap for preservation projects, 55 percent for regional allocations, 5 percent for supportive housing, 5 percent for projects in need of additional tax credits, and 20 percent for strategic investments in projects contributing to neighborhood revitalization or providing economic opportunities.