The Pennsylvania Housing Finance Agency published a list of 2022 nine percent applicants.

PHFA was recently awarded Development Cost Relief Program (DCRP) funding and further guidance will be issued related to this funding. In the meantime, for 2021 cycle developments, please communicate with your assigned lending analyst regarding the cost increases in your budget. Please identify these cost increases when the 60-day closing package is submitted. Reviewing these costs will require increased time and scrutiny by PHFA staff; therefore, please submit a complete and final package. Please allow ample time for PHFA review.

Due to the continued impacts of the COVID pandemic, construction cost increases and labor shortages continue to delay both financial closing and construction completion of many developments. The Agency is making the following changes applicable to only those developments, which applied for and received a reservation in Program Year 2021 cycle:

  1. The closing deadline is extended from Sept. 1, 2022 to Dec. 1, 2022. 
  2. If your development applied and received a reservation of 2021 credits in Program Year 2021 cycle, and you are unable to meet the carryover ten percent deadline date of Nov. 19, 2022, you may remit a request for a reallocation of credits. All requests must be received no later than Oct. 31, 2022.  Please direct your request to Linda Stewart, manager of Tax Credit Program-Allocation, including an explanation specific to the development for why a reallocation is necessary, and an updated development timeline. Please Note: PHFA intends to process these requests as a group, so if you submit a request, you should anticipate receiving information shortly after the Oct. 31, 2022 deadline.  
  3. If your development applied and received a forward reservation of 2022 credits in Program Year 2021 cycle, please do not submit a request for a reallocation. You will be receiving information with your 2022 Carryover Agreement in the coming weeks.

Please Note: Items a-c above are NOT applicable to other Program Year developments.