Just a few weeks ago the Senate passed HB 60, the Pennsylvania Housing Affordability and Rehabilitation Enhancement Act (PHARE), by a vote of 47 to 2. This bill passed the House yesterday and is awaiting the Governor’s signature.
The bill would establish a State Housing Trust Fund, which would support programs to increase the availability of homes within reach of low- and moderate-income Pennsylvanians. According to the Federal Reserve Bank of Philadelphia there is a shortage of 220,000 affordable rental homes available to extremely low-income families. Through this bill the Pennsylvania Housing Finance Authority (PHFA) would be able to expand its efforts of promoting affordable housing projects across the Commonwealth.
House Bill 60 would be funded if and when the National Housing Trust Fund is approved by Congress. It is estimate that Pennsylvania will receive about $35 million. This money would be deposited to the fund and administered by PHFA.
Image courtesy of http://thevolunteacher.wordpress.com/2009/08/.