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PA Bulletin, Doc. No. 98-499



Request for Proposals; 1998 Tax-Exempt Qualified Residential Rental Facilities Seeking Private Activity Bond Allocations

[28 Pa.B. 1601]

   Private activity bonds to finance qualified residential rental facilities are subject to the limitations imposed through the Statewide unified private activity bond cap. In accordance with the Tax Exempt Bond Allocation Act of 1980, as amended, the Department of Community and Economic Development (Department) provides for the allocation of authority for the issuance of private activity bonds among the various qualified issuers in this Commonwealth. Each year, the Department provides certain allocations to the 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 seeking allocations of private activity volume cap to local issuers for 1998.

   The RFP announces the limited availability of 1998 housing bond volume cap for the funding to meet all qualifications of the Internal Revenue Code (Code). In the event additional volume cap becomes available in this Commonwealth for the provision of housing bonds, 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 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 1998 Agency tax credit program guide, processing guide and program submission deadlines.

   The amount of volume cap available for multifamily projects is extremely limited due to the competing uses of volume cap in this Commonwealth and among housing bond programs. Sponsors are advised and cautioned that funds will be extremely 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 1998 Request for Proposals and for an application for a 1998 private activity bond allocation may be submitted to 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. 98-499. Filed for public inspection March 27, 1998, 9:00 a.m.]

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