The Pennsylvania Housing Finance Agency (PHFA) has extended the closing deadline for developments that have received a 2020 reservation of low-income housing tax credits. For all Program Year 2020 developments that applied to PHFA in the 2020 Application round and continue to hold a valid allocation of 2020 credits or conditional forward commitment of 2021 credits subject to 2020 Program Year deadlines, the deadline for closing has been extended until September 30, 2021. The deadline was previously July 31, 2021. PHFA granted the additional time due to COVID-related construction pricing increases and delays.
10% Test Deadline
PHFA’s 2020 deadline for meeting the 10% Test has not changed and continues to be October 26, 2021. PHFA’s placed in service deadline for these development also has not changed and they must be placed in service on or before December 31, 2022.