The Pennsylvania Housing Finance Agency (PHFA) in the US has issued a request for proposals (RFP), inviting submissions for financial assistance for new construction or rehabilitation of mixed-use projects.
The agency will offer funding via the Community Revitalization Fund Program. Proposals must be submitted by 3 November this year.
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Designed to catalyse neighbourhood rejuvenation, mixed-use projects integrate residential and retail/commercial areas within the same building.
The PHFA was selected by the General Assembly to oversee the administration of this funding programme, which was initiated under the Commonwealth’s 2017/18 budget.
The state budget for this year has given the PHFA the approval to sell $4.5m worth of state tax credits.
These proceeds will be used to provide funds for the development of mixed-use properties in the commercial areas of Pennsylvania that are currently being revitalised.
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By GlobalDataProjects that qualify for funding include the rehabilitation of older or under-utilised buildings for immediate reuse to achieve community development goals and the preparation of commercial build-out and business lease space.
Funding will also be provided for the design, structural enhancements, and legal conversion of the existing building.
In addition, it will facilitate the creation of additional housing units by combining various functions within a single newly constructed or renovated building.
PHFA executive director and CEO Robin Wiessmann said: “Our goal with these investments is not only to provide critical funding but also to move forward the completion of a project, or projects, that can boost community development.
“In smaller communities, the construction of a pivotal project can provide an economic spark or help attract additional investments, and that is what we’d like to achieve with this funding.”
