PHILADELPHIA (KYW Newsradio) — Developers and housing authorities can now apply for a new grant program to help build or preserve affordable housing units across the state.
The Housing Options Grant Program is offering $100 million in funding, transferred from the American Rescue Plan Act. It marks the largest increase in the commonwealth’s support for affordable housing, rising from $55 million to $450 million this year alone.
The money is sorely needed. State Sen. Vincent Hughes said in Philadelphia, about 14,000 affordable housing contracts are set to expire in the next five to 10 years.
“We’ve got to deal with that,” he said. “We’ve got to put more money in the system to build more units and to keep them in good condition and to keep them affordable.”
The grant program will focus on the construction of new units as well as emergency repairs and the preservation of existing structures.
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Philadelphia Housing Authority President Kelvin Jeremiah said the city will continue its pledge to address the need for more affordable housing.
“There’s a lot of work to be done, but we need to be focused and intentional about those programs that really uplift people and give them an opportunity for social and economic mobility,” he said.
Developers and housing authorities can apply for funding as long as they can serve people who have annual earnings at or below 60% of an area’s median income.
The Housing Options Grant Program is intended to fund housing that has not already received Low-Income Housing Tax Credit (LIHTC) funding, or that does not anticipate receiving LIHTC funding in the next four years. Grant money must be awarded by the end of 2024.
The application is available online and open through May 23.
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