Of the $22 million, $16 million applies to multifamily housing, and $6 million will be used by the Pennsylvania Housing Finance Agency to provide no-interest home mortgage loans for low-income buyers.
The Department of Community and Economic Development is making $10 million available for housing rehabilitation and repairs, including the removal or mitigation of lead-based paint in apartments operated by small-scale landlords.
The remaining $6 million is being allocated in three equal segments.
Businesses and nonprofit organizations can apply for up to $2 million to cover pre-development costs of cooperative housing complexes.
Management organizations can apply for up to $2 million to preserve apartments that are affordable to lower-income renters and in need of repairs or financial support.
Sponsors or management agents of PHFA-financed developments can apply for up to $2 million for expansion of the Family Resource Center program, a social service support measure for lower-income renters in Philadelphia.
All recipients of the financing must serve lower-income families with children that either have annual incomes of no more than 35% of federal poverty levels, which now stands at $42,535 for a family of four, or less than 80% of the median income in the area in which they live.
The Department of Public Welfare joins PHFA and DCED in the initiative, which will be administered by PHFA and DCED.
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