Realty Transfer Tax Cap

Mark Schwartz has been working with clients and other partners to educate key policy makers about the need to raise the cap on the funding that goes to the PHARE program from the Realty Transfer Tax (RTT). “PHARE was established by Act 105 of 2010 (the “PHARE Act”) to provide the mechanism by which certain allocated state or federal funds, as well as funds from other outside sources, would be used to assist with the creation, rehabilitation and support of affordable housing throughout the Commonwealth.” Currently only up to $25M of RTT revenue is allocated to PHARE. The demand for PHARE funds far exceeds the supply. This work is ongoing. More about PHARE (including source of quotation in this paragraph at: