Housing Programs Receive $375 Million from Pennsylvania’s Budget

Financial Assistance opportunities (3)

The State of Pennsylvania has just allotted a total of $375 million out of the American Rescue Plan budget into three programs for safe and affordable housing. Three programs will receive funding through a competitive proposal process.

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The Whole-Home Repair program, an initiative by Senator Nikil Saval, will help homeowners with their necessary home repairs. The program received $125 million, which was a little less than what the Democrats were asking. It will provide grants of up to $50,000.00 to low- and middle-income homeowners, as well as loans of up to $50,000.00 to landlords. The Whole-Home funds are available to homeowners whose household income does not exceed 80% of the Area Median Income (AMI). If a landlord satisfies a number of requirements, such as holding the property for at least 15 years, they may be able to have their Whole-Home debts canceled.

“I’m very proud of our office and the coalition that we’ve built of organizations and legislators to get this over the finish line. It’s difficult to pass legislation in Harrisburg; it’s difficult to pass legislation in the minority and as a junior legislator,” Saval said in an interview.

“We know that there is a strong need for this, and so we’re excited to begin to try to meet that need with this funding and the adoption of this program in the budget,” Senator Nikil Saval added.

The Pennsylvania Housing Finance Agency will be managing housing projects under construction, which have faced increases in costs or losses in equity investments due to the COVID-19 pandemic. For this purpose, $150 million will be provided from Pennsylvania’s budget to the Development Cost Relief program.

Developers and non-profit organizations will also receive a total of $100 million through the Affordable Housing Construction program. The initiative offers financial aid for the construction of affordable housing units. This includes maintaining current low-income renters’ access to affordable housing, converting existing properties into such housing, or building new apartments.

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All three programs are here to help homeowners in need. They are here to ensure qualifying Pennsylvanians have access and right to safe and affordable housing.

Christopher Charles spent 6 years in the mortgage industry before moving into the world of digital media. He's helped thousands of families buy and refinance real estate at banks and mortgage companies and now continues that mission through industry-leading content. Chris is known for his expertise in the mortgage & real estate industry and continues to produce content all over the web.

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