Pennsylvania Budget Includes $50 Million for Construction Cost Relief Program, Increases to State Credits

The fiscal year 2021/2022 Pennsylvania state budget includes funding for the development of affordable rental housing in three main program areas: 

• $50 million for the Construction Cost Relief Program (CCRP) from the American Rescue Plan Act fund. Eligible projects must have received (or will receive) a conditional allocation of LIHTCs during the 2019, 2020 or 2021 application cycles;  

• Authorization of $10 million annually in state tax credits to assist with the financing of multifamily housing projects awarded credits through the new PA Housing Tax Credit Program; and 
• Increase in the annual state tax credit allocation to the existing Mixed-Use Development Tax Credit Program from $3 million to $4.5 million.