Youngblood announces open bids for Mixed-Use Development Tax Credits
HARRISBURG, Sept. 14– State Rep. Rosita C. Youngblood, D-Phila, today announced that the Pennsylvania Housing Finance Agency is now accepting bids for the purchase of $3 million in Mixed-Use Development Tax Credits.
Youngblood said the funds collected from successful bidders will be used for the construction or rehabilitation of mixed-use developments in Pennsylvania communities. The deadline for bids is 2 p.m. on Wednesday, Sept. 30.
“These tax credits are a valuable investment opportunity for revitalization projects across the 198th District community,” Youngblood said. “I am urging all local qualifying entities--companies, organizations, and individuals—to participate.”
This tax credit program, Youngblood explained, was created as part of the Commonwealth’s fiscal year 2016-2017 budget (implemented July 1, 2017), and PHFA was directed to administer the credit. PHFA was authorized to sell these tax credits through directed or negotiated sale to any qualified taxpayer. It is expected that the tax credit awards will be made within 90 days after bidding closes. The credit awards will be made in 2020, but they are not effective for utilization until 2021 against a 2020 tax liability.
More information about the Mixed-Use Development Tax Credit and the current bidding process is available on the PHFA website at www.phfa.org/mhp/developers/loans.aspx. Program guidelines and bid criteria are posted there. Interested organizations can learn more by contacting Bryce Maretzki at PHFA at (717) 780-1867 or by email at firstname.lastname@example.org.