The Pennsylvania Housing Finance Agency received 140 Intent to Submit an Application forms on Friday, January 8, 2016. A copy of the list has been posted under Multifamily News on the website, www.phfa.org. As a reminder, the full application for Agency multifamily resources, including low income housing tax credits and PennHOMES, is due by 3:00 pm on Friday, March 4, 2016. Agency staff will be contacting developers who have submitted an Intent to Submit and will be available to provide technical assistance through the application date.
Based upon the number of Intents to Submit received and the available amount of 2016 resources, the Agency is encouraging developers to limit the number of applications being submitted to those that are able to move forward quickly and may also ask developers to provide the Agency with their funding priorities. Again, since PHFA anticipates being significantly oversubscribed with the number of applications versus resources, those developments awarded 2016 tax credits will be required to meet a closing and commencement of construction date of March 31, 2017. Failure to do so may adversely impact future applications with the Agency. Please keep this deadline in mind when you prioritize which applications you will be submitting to the Agency.
We have also posted additional guidance on our website on the Multifamily Program Application web page related to the impact of the permanency of the 9% applicable percentage and Material Participation of Minority, Women and Veterans Businesses in the Development Team. It is suggested that you continue to visit our website for future guidance on the 2016 program requirements.
