Pennsylvania

Lei Ding and Peter Birke of the Federal Reserve Bank of Philadelphia have published a report on Opportunity Zones, “How Are Cities Leveraging Opportunity Zones for Community Development? Philadelphia as a Case Study.”  Using Philadelphia as a case study, this study intends to reflect on the selection of Opportunity Zones in major cities and to explore real estate market trends and residential mobility in designated zones in Philadelphia.

The Pennsylvania Housing Finance Agency (PHFA) released a second amendment to its 2019-2020 QAP to address certain eligibility criteria, which has changed since the adoption of the 2019-2020 Allocation Plan, specifically related to regulatory requirements and timing considerations. Comments on the amendment should be submitted by August 26.

The Pennsylvania Housing Finance Agency announced availability of funding for its 2020 LIHTC and Loan Programs. Please see the Notice of Funding Availability for more information.

The 2019 Pennsylvania Tax Act signed by Pennsylvania Governor Tom Wolf on June 28, 2019— made several changes to Pennsylvania tax laws. The Act adds Opportunity Zone conformity for personal income tax, adopts new sales tax provisions and amends other tax and credit provisions. Read more in this analysis from Ballard Spahr.

HUD opened registration for its new National Standards for the Physical Inspection of Real Estate (NSPIRE) Demonstration. NH&RA encourages all eligible PHAs, owners and agents to participate in the NSPIRE demonstration. Properties will be given an advisory NSPIRE score and the most recent UPCS score will remain on the books. NSPIRE demonstration participants will have the opportunity to shape the new REAC inspection protocol and to prepare in advance of the mandatory changes.

Pennrose was recognized as a Healthiest Employer by the Philadelphia Business Journal. This was the fifth time that Pennrose has received this recognition. The award recognizes the company for its commitment to employee health and for achieving exceptional and sustainable success through a broad range of company and employee wellness initiatives.

Woda Cooper hosted a grand opening and ribbon-cutting on May 15, 2019 for its new Muncy Greene development. The $13.8 million development features 60 single-level apartments that are geared towards low-income seniors. It is one of the first multifamily properties in Pennsylvania to be built to Passive House Institute US certification standards to ensure energy efficiency and low heating and cooling cost.

A Pre-Application Meeting for Multifamily Housing Programs has been scheduled for Tuesday, August 7, 2018 in Harrisburg. 

This session will cover the basic procedures that must be implemented, and assistance that is to be provided, by agencies triggering the URA when projects/activities involving acquisition, rehabilitation and/or demolition are funded with federal money.

Attendees are asked to fill out a registration form for the information session.  Deadline for registration is Friday, August 3, 2018.

The Agency will be revising the upcoming Allocation Plan to address Income Averaging in Tax Credit applications submitted in the future. For the most part, current projects are not able to apply for income averaging.

Read on for a summary of changes.