Pennsylvania Housing Finance Agency to Support Mixed-Use Developments in Third-Class Cities
In an ambitious bid to fuel neighborhood revitalization, the Pennsylvania Housing Finance Agency (PHFA) is calling for proposals that target the new construction or rehabilitation of mixed-use projects. This endeavor, driven by the Community Revitalization Fund Program, is set to blend residential and retail or commercial spaces under one roof, injecting vibrancy and life into communities. The clock is ticking for interested developers, with the proposal submission deadline drawing close at 2 p.m. on Friday, November 3.
A Vision Birthed from a Thoughtful Budget
The roots of this funding initiative trace back to the Commonwealth’s fiscal blueprint for the year 2017/18. Entrusted with the helm of this initiative, PHFA has been green-lighted this year to vend state tax credits amounting to $4.5 million. The funds accrued from this venture are earmarked for the development of mixed-use properties situated in the commercial and retail arteries of Pennsylvania that are slated for rejuvenation.
Breeding Ground for Versatile Projects
PHFA welcomes a plethora of projects that echo the sentiment of community redevelopment, including:
- The refurbishment of dilapidated or seldom-used buildings, readying them for immediate occupation to further community development objectives.
- Crafting commercial platforms that are ripe for business lease spaces.
- Navigating the structural and legal transformation of existing edifices.
- Enhancing the housing reservoir by unifying varied purposes within a single, freshly minted or revamped structure.
In the words of PHFA Executive Director and CEO, Robin Wiessmann, the endeavor transcends beyond mere fiscal assistance. “Our aspirations stretch to fast-track the fruition of initiatives that can be a cornerstone for community development,” she emphasized. Wiessmann envisions these pivotal undertakings as the beacon attracting additional investments, especially in smaller communities, sparking economic activity and rejuvenation.
Who Stands to Benefit?
This call to action extends to a wide demographic including:
- Units of local government encompassing counties, cities, boroughs, and the like.
- Redevelopment authorities.
- Commercial enterprises operating for profit.
- Non-profit assemblies.
- Organizations steering economic development.
Furthermore, applications emanating from third-class cities will find themselves at a vantage point, enjoying a preference in this year’s scrutiny of proposals, facilitating upliftment through strategic developments.
Steering Your Path to Collaboration
Prospective collaborators can immerse themselves in the finer details of the Community Revitalization Fund RFP by visiting the official PHFA website. For an enriched understanding and personalized guidance, reach out to Shelby Rexrode at PHFA via phone at (717) 780-1854 or shoot an email to [email protected].
This initiative stands as a golden opportunity to reshape the urban landscape, presenting a chance for visionaries to leave an indelible mark on the Pennsylvanian communities, steering them towards a future replete with opportunities, growth, and prosperity. The PHFA invites innovators to join hands in this pioneering journey towards a harmonious blend of residential comfort and commercial dynamism, nurturing locales that resonate with vitality and economic resurgence.
