Sen. Schwank Praises Approval of Tax Credits for Reading Residential Development Projects

HARRISBURG, – February 20, 2014 – (RealEstateRama) — State Sen. Judy Schwank today hailed the recent approval by the Pennsylvania Housing Finance Agency of nearly $1.4 million in low-income housing tax credits to support two housing development projects in the City of Reading.

Schwank said PHFA approved $1 million in tax credits for the Delaware Valley Development Group to support the Homes at Riverside development, a planned 46-unit, low-income residential development near Northwest Middle School.

PHFA also approved $360,000 in tax credits for the Housing Development Corporation to support a planned $5 million rehabilitation and renovation project at the Market Square Apartment Complex in downtown Reading.

“These tax credits represent critical investments in quality, affordable housing opportunities for the citizens of Reading. They also support projects that improve and stabilize neighborhoods in our city,” said Sen. Schwank. “I was pleased to advocate for the approval of tax credits for these projects.”

Schwank said Reading’s tax credits were part of $18.7 million in funding that was approved this week by PHFA for affordable multi-family developments across the commonwealth.