The Pennsylvania Housing Finance Agency (“PHFA” or “Agency”) announces a Request for Proposals (“RFP”) for the Community Revitalization Fund Program (“CRFP” or the “Program”) to provide financing for the construction or rehabilitation of critical projects providing affordable housing in commercial corridors across the Commonwealth.
Donor Name: Pennsylvania Housing Finance Agency
State: Pennsylvania
County: All Counties
Type of Grant: Grant
Deadline: 11/04/2022
Size of the Grant: $1,000,000
Details:
Program Goals
To administer this Program most effectively, PHFA has outlined the following Program goals. These goals will be used as the framework and basis for review and selection of projects. Applications will be evaluated based on their ability to address each goal as well as the financial capacity of the applicant to successfully implement and manage the project as a core component of a broader community revitalization strategy.
- Increase funding for affordable housing and commercial corridor development in areas of the Commonwealth where significant need and impact can be identified and documented.
- Maximize the leveraging of resources to the greatest extent possible.
- Foster sustainable partnerships that will be committed to addressing needs over a significant period.
- Ensure that resources are used in an effective and efficient manner to meet the needs of communities impacted.
- Provide strategic financing for “capstone” projects that will advance an overall strategy for revitalization of a community.
- For 2022-23, the Program will prioritize applications from smaller communities (3rd Class cities) in the Commonwealth.
Funding Information
To allow for an efficient Program operation, the Agency has determined that the minimum CRFP grant request will be $500,000 and the maximum request will not exceed $1,000,000.
Eligibility Criteria
- Eligible applicants for CRFP include Pennsylvania units of local government such as counties, cities, town, boroughs, townships and municipalities, redevelopment authorities, for-profit entities, non-profit entities (with operational capacity), economic development organizations, and neighborhood/downtown/business improvement districts. Partnerships between public and private entities are strongly encouraged.
- A single purpose, legal entity must be created by the applicant(s) specifically for the project and will be the entity with fiscal and fiduciary responsibility for implementation, management, monitoring and project reporting. All documents pertaining to Program requirements will be the responsibility of the entity.
For more information, visit PHFA.
