Pennsylvania Gov. Edward G. Rendell has signed House Bill 60, which establishes the Pennsylvania Housing Affordability and Rehabilitation Enhancement Program, more commonly known as the state housing trust fund. This fund, which will support affordable housing, will be administered by the Pennsylvania Housing Finance Agency (PHFA).
The housing trust fund will create a new program for the receipt and allocation of federal and private funding intended to expand affordable-housing opportunities in the state. The intention is that the trust fund will not require state dollars to become operational but will instead seek money from funding sources outside state government, PHFA Executive Director and CEO Brian A. Hudson Sr. explains.
‘Without a fund like this, Pennsylvania would not have a mechanism in place for capturing and investing federal and private funding that may become available in the years ahead,’ he says.