Rep. Marla Brown of Lawrence County has announced that the Pennsylvania Housing Finance Agency (PHFA) has allocated $1.4 million in tax credits and an additional $750,000 in Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) funding to the LG Lofts project in New Castle.
The development involves constructing a three-story building covering 49,569 square feet. It will include nine one-bedroom units, 16 two-bedroom units, and 15 three-bedroom units, offering various housing options for general occupancy. Additionally, six units will be handicap accessible.
“This significant investment in the LG Lofts development represents a major step forward in addressing the affordable housing needs of our community,” said Brown. “The combination of affordable housing and PHARE funding highlights our commitment to providing safe, affordable and accessible housing for all residents.”
The competitive nature of the tax credit program means that only select projects receive funding each year, emphasizing this reservation’s importance and impact. The LG Lofts project was chosen for its potential to offer high-quality housing solutions aligned with community needs.
“By supporting developments like LG Lofts, we are not only creating new housing opportunities but also contributing to the revitalization and growth of our local communities,” Brown stated. “I have been on board with this project from the beginning, and I am proud to support it. I look forward to seeing its positive impact on New Castle and Lawrence County.”
PHARE funding is sourced from the Commonwealth’s allocation of National Housing Trust Funds. This application cycle also included a second round of awards under the Pennsylvania Housing Tax Credit (PHTC).
