AHTCC’s State Spotlight showcases the Housing Credit’s impact in states across the country—and how public-private partnerships made possible by the Housing Credit lead to truly exceptional affordable housing communities.
Housing remains an urgent issue for Pennsylvania as the supply gap between existing affordable units and the number of low-income people who need them continues to grow. For every 100 extremely low-income families in the state (those who earn below 30 percent of their county’s area median income), there are only 36 available and affordable homes. For families earning below 15 percent of the median, that number drops to just 17.
Nearly 700,000 families in Pennsylvania are either homeless or spending more than half their income on housing costs. They join 19 million households nationwide shouldering the same burden. The absence of safe, affordable housing is harmful to the health of our communities. The Low-Income Housing Tax Credit helps us fight back.
In Pennsylvania, the Housing Credit has helped lower the affordable housing supply gap in hundreds of communities. As the Housing Credit investor, PNC Real Estate helped create three recent examples of outstanding developments in the Keystone State that are working to make the goal of ending the housing crisis a reality.
- In Philadelphia, a plan to redevelop a historic building into Nugent Senior Apartments will create 57 affordable homes for seniors, 12 of which will be set aside for special needs tenants. Residents will have access to a community room as well as porch and picnic areas, and supportive services will be provided by the Philadelphia Senior Center. The $16.9 million project was made possible with $1,149,226 million in Housing Credits and $1,585,638 in Historic Tax Credits.
- Crossroads Meadows is a new apartment complex located in Ebensburg in Cambria County. It contains 51 one-, two-, and three-bedroom affordable apartments for families. Thanks to $4 million in Housing Credit equity, Crossroads Meadows will preserve the affordability of this community for years to come.
- The McKeesport YMCA in McKeesport, in Allegheny County, was an 84-apartment Single-Room Occupancy (SRO) community that was completely rehabilitated to provide high-quality homes and services to the homeless population of McKeesport. Common amenities include a community room and lounge. Residents also have access to supportive services like social service coordination, career planning, financial literacy, and healthy living education. The development cost more than $10.3 million, and $10.1 million in Housing Credit equity was critical in completing the financing picture.
These developments are just a few examples of the great work being done to combat the affordable housing crisis. Since it was signed into law in 1986, the Housing Credit has helped create more than 80,000 affordable homes and more than 92,000 jobs across Pennsylvania, generating more than $8.18 billion in local income and more than $3.47 billion in tax revenue. By preserving and expanding the Housing Credit, we can continue to develop places like Nugent Senior Apartments, Crossroads Meadows, and the McKeesport YMCA, helping to put a dent in the affordable housing crisis, strengthening the Keystone state’s economy and communities while transforming lives.