State Passes Housing Trust Fund Legislation; Funding Contingent on National Housing Trust Fund Appropriation

On November 15, the Pennsylvania House of Representatives concurred on legislation authorizing the creation of a State Housing Trust Fund. The Pennsylvania Housing Affordability and Rehabilitation Enhancement Act (PHARE) was introduced by Rep. Peter Daley (HB 60) and Sen. Gene Yaw (SB 599).  PHARE supports programs to increase the availability of homes within reach of low and moderate income Pennsylvanians and will be administered by the Pennsylvania Housing Finance Agency (PHFA).  30% of the money is targeted to those at 50% of area median income or below. Also on November 15, the U.S. Congress reconvened for the post-election “lame duck” session, and it is expected that they will consider the tax extenders bill that includes a $1 billion appropriation to the National Housing Trust Fund among other things. In 2011 this would provide Pennsylvania with $36 million for affordable rental developments, $4 million for affordable homeownership developments, create 600-1,000 affordable housing opportunities, and 700-800 jobs. While we celebrate the creation of the State Housing Trust Fund, we encourage everyone to reach out to Senator Casey at (202) 224-6324 and let him know how important this next step is in addressing the housing needs of our lowest income families.