HR 951 would similarly simplify the way rent and income limits are determined for apartments that are financed with housing tax credits. At present, apartments financed with tax credits cannot rent for more than 30 percent of incomes measured in the immediate local area. However, for many places, especially in the rural parts of the state, this means that the rents produced by this formula are too low to make apartment construction economically feasible for project sponsors. The new bill would let PHFA use statewide median income as the basis for computing rent and income limits. The Congressman noted that although his district is an urban one, there are provisions in the bill that will affect rural areas of the Commonwealth, as well.
Affordable housing is something that everyone needs.
That s why I m glad to be a co-sponsor of this important national legislation. Brady has been a strong advocate for housing in the past. During the last session of Congress, he co-sponsored measures that have increased the amount of bond financing and tax credits available in the Commonwealth. These measures, sought for several years by PHFA, were signed into law in December, 2000. Congressman Brady was elected to represent the Pennsylvania s First Congressional District in 1998.