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PA Bulletin, Doc. No. 98-2001



Request for Proposals; 1999 Tax-Exempt Qualified Residential Rental Facilities Seeking Private Activity Bond Allocations

[28 Pa.B. 5919]

   Private activity bonds to finance qualified residential rental facilities are subject to the limitations imposed through the Statewide unified private activity bond cap. The Department of Community and Economic Development (DCED) provides for the allocation of authority for the issuance of private activity bonds among the various qualified issuers in the Commonwealth of Pennsylvania. Certain allocations are made available to the Pennsylvania Housing Finance Agency (Agency) for the issuance of private activity bonds for housing purposes. The Agency has designed this Request for Proposals (RFP) to allow for a process of evaluation of qualified tax exempt residential rental facilities funded through local issuers seeking allocations of 1999 private activity volume cap.

   The RFP announces the limited availability of 1999 housing bond volume cap for the funding of selected qualified tax-exempt residential rental facilities that meet all qualifications of the Internal Revenue Code (Code). In the event additional volume cap becomes available in the Commonwealth for the provision of financing for qualified residential rental facilities, the Agency may determine to fund additional multifamily projects meeting the minimum qualifications set forth in the RFP.

   In addition to meeting all requirements relating to private activity bonds set forth in all applicable sections of the Code, projects using Federal low income housing tax credits in their financing plan must also meet all requirements of section 42 of the Code, as amended, and the 1999 Agency tax credit program guide, processing guide and program submission deadlines.

   The amount of volume cap available for multifamily projects is limited due to the competing uses of volume cap in the Commonwealth and among housing bond programs. Sponsors are advised and cautioned that funds will be competitive and many otherwise qualified projects may not receive funding due to the scarcity of resources. Any and all costs incurred in this application process are the sole responsibility of the sponsor.

   Requests for a copy of the 1999 Request for Proposals and for an application for a 1999 private activity bond allocation may be submitted to:

Pennsylvania Housing Finance Agency
Attn: Development Division
P. O. Box 8029
Harrisburg, PA 17105-8029
(717) 780-3882
TDD# (717) 780-1869

Executive Director

[Pa.B. Doc. No. 98-2001. Filed for public inspection December 4, 1998, 9:00 a.m.]

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