The Pennsylvania Housing Finance Agency (PHFA) is piloting a Developer Opportunity Fund to help address issues faced by small, disadvantaged (including minority and women), nonprofit and community LIHTC developers. The fuds will serve as a reserve to be used for construction cost overruns and draws on the fund would be used to complete the construction of the LIHTC project.
Funding is available through construction and stabilization as approved by PHFA and comes with a fee of ten percent of the projected developer fee up to a maximum of $150,000. The fee would be collected at various stages throughout the project lifecycle. If the fund is not drawn upon then 50 percent of the fee will be returned to the developer. Repayment of fund draws would be made from the developer fee paid to the general partner or managing member from the LIHTC investor or any other available sources. Contact Jordan Laird at 717-780-3843 or jlaird@phfa.org with questions or program suggestions.
