The Pennsylvania Housing Finance Agency’s (PHFA) popular Tax Credit Advance Loan Program has run out of money.
According to Kate Newton, director of Homeownership Programs for PHFA, homebuyers took advantage of the program which provided an interest-free loan of up to $6,000 to use toward down payment and/or closing costs.
PHFA funded the tax credit monetization with $5 million of its own funding and cautioned homebuyers loan availability was limited.
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