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$9.3M Awarded to 8 Philly Affordable Housing Developments

It will help build 495 affordable homes in the city

Eight developers received more than $9.3 million in tax credits from the Pennsylvania Housing Finance Agency to build 495 affordable homes in Philadelphia, the city announced yesterday.

"Affordable housing is a critical need for our city," Anne Fadullon, director of the city’s Office of Planning and Development, said in a statement. "The homes this funding will support are important, not just to the families who will live in them but also to the neighborhoods where they are located."

Here’s a list of the eight affordable housing developments that were awarded the low-income housing tax credits from the PHFA:

So how can these developers use the credits? They have to sell them to an investor who will then receive credit on his or her taxes for 10 years. As the city explains: "A developer who is awarded a $1 million tax credit and has an investor willing to pay $0.97 per dollar can raise $9.7 million for development costs."

The city plans to provide an additional $2.7 million to some of the affordable housing projects.