- PHFA
- HUD
- Rural Development
- Low Income Housing Tax Credits
- Privately owned
State FHA Compliance
Rehab Programs
One of the newest initiatives of the Pennsylvania Housing Finance Agency is the Preservation through Smart Rehab Program, which is designed to preserve the aging affordable rental housing stock.
Like many other states, the majority of Pennsylvania's affordable rental housing is outdated and inefficient.
The inability of affordable rental developments to meet increasing operating costs has been a significant problem in Pennsylvania. The goal of the Preservation through Smart Rehab Program is to reduce annual utility costs through efficient energy and water consumption.
The process begins with the performance of an energy audit prepared following PHFA's standards. ComfortHome will perform the audit and recommend potential energy efficiency upgrades along with estimated annual savings generated by such upgrades. Funding will be considered for recommended improvements having an average payback of less than ten years. Financing may include a loan, or a blend of resources including existing project.
Several types of tax credits can be awarded. Developments may qualify for one or more of these types. Rehabilitation expenditures must be at least $3,000 for each unit, or ten percent of the "adjusted basis" of the building.
Who May Apply?
Multifamily Developments Financed by:
What's involved?
- Owner notifies PHFA of interest in having an energy audit performed.
- PHFA uses audit report findings to determine if development is a candidate for program financing.
- PHFA and owner determine final scope of work and financing plan.
- PHFA annually reviews ongoing energy consumption data.
Similar programs are available in states nationwide.