There’s a new option in the Centre County housing market and it’s aimed at developers who build the houses.
Housing is certainly in the news now, whether it’s the rising cost of new homes, or COVID relief packages for housing assistance or, what’s been talked about for decades in Centre County: Affordable housing.
A new program is being rolled out this week.
Most affordable housing programs provide financial assistance for first time home buyers, or those who need help paying bills.
The new program has a different approach.
“This new program, known as Construction and Acquisition for Sustainable Housing, otherwise known as the CASH program, will hopefully provide meaningful funds for construction of new rental or owner-occupied housing,” says Centre County Planning Director Ray Stolinas.
Funding is provided through Act 137 revenue, which is generated through fees charged for the recording of mortgages and deeds.
In the new program, the grants are awarded not to homeowners, but instead those involved in construction or redevelopment authorities with projects focusing on affordable housing.
“So, we do have additional Act 137 funds coming in that we can utilize to incentivize developers,” says Centre County Commissioner Mark Higgins.
The new program, at this point is considered a test run a pilot program with hopes it could become an annual funding source for affordable housing.
Applications for the new programs will be received through the end of July.
For more information contact the Centre County Planning Office.