NewBury Commons in Line to Receive Money

Pending approval by the Low Income Housing Tax Credit Program the proposed NewBury Commons project in Bradford will receive $50,000 from the state’s Housing Affordability and Rehabilitation Enhancement Fund and Marcellus Shale impact fees.

The money will be sent to McKean County, which would then turn it over to developer Housing Visions, according to OECD Executive Director Sara Andrews.

The Pennsylvania Housing Finance Agency recently announced that $7.6 million is being distributed for 25 projects in 19 counties to improve the availability and affordability of housing in the Marcellus Shale region of the state.

“We did a lot of listening to arrive at this outstanding group of award recipients,” said PHFA Executive Director and CEO Brian Hudson Sr. “I think this money can do a lot of good to improve the availability of quality, affordable housing in these affected communities.”

The LIHTC Program is an indirect federal subsidy used to finance the development of affordable rental housing for low-income households. Their decision on the project is expected in February.

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