Section 196-C - Housing Options Grant Program.(a) Establishment.--The agency shall establish a grant program to be known as the Housing Options Grant Program.(b) Purpose.--The program shall make grants available from amounts appropriated for COVID Relief - ARPA - Affordable Housing Construction for the development of affordable housing units, including, but not limited to, building new units, rehabbing existing properties to make them affordable housing units or preserving existing affordable units.(c) Duties.--The agency shall make grants available to developers or nonprofit organizations consistent with the purposes of this section.(d) Requirements.--A grant shall be made to a developer or a nonprofit organization for a project that meets the requirements for an award under the Federal Low Income Housing Tax Credit. To be eligible for a grant under this section, a developer or nonprofit organization must agree to provide matching funds of at least 25% of the grant amount to be awarded for the development. All grants shall be awarded no later than December 31, 2024.(e)Diversity.--The agency shall ensure that the grants are geographically diverse across the Commonwealth.(f) Reporting.--No later than June 30, 2023, and each June 30 thereafter, the agency shall report to the Governor and the General Assembly and post on the agency's publicly accessible Internet website: (1) The number of grants awarded to a developer and nonprofit organization.(2) The county in which each grant is awarded.(3) The total number of applications received in the previous fiscal year and the amount of funds request.(4) Any other information the agency deems necessary.(g) Definitions.--As used in this section, the following words and phrases shall have the meanings given to them in this subsection unless the context clearly indicates otherwise: "Agency." The Pennsylvania Housing Finance Agency.
"Program." The Housing Options Grant Program established under subsection (a).
Added by P.L. TBD 2022 No. 54, § 10, eff. 7/11/2022.