A facelift for downtown Erie's Richford Arms is one step closer to reality on Thursday after Gov. Tom Wolf announced awards totaling $42 million in Low Income Housing Tax Credits will go toward projects across the state.

A total of $1,167,116 in Low Income Housing Tax Credits will be awarded to the 106-unit apartment complex located at 515 State St. 

In addition to the $42 million in Low Income Housing Tax Credits (LIHTC), Gov. Wolf also announced $6.08 million in PennHOMES funding and $12.6 million in National Housing Trust Funds. 

Together, the funding will go toward the construction of 36 affordable multifamily housing developments across the state. 

Last November, the owner of the Richford Arms announced a $25 million renovation project. At that time, Beacon Communities Services Vice President of Development Josh Cohen told Erie News Now the tax credits would be used in addition to private financing to pay for the project.

The renovations planned for Richford Arms include improvements to the exterior and building systems, upgrades to ground floor retail storefronts, new common areas for wellness programming and renovations to apartments and corridors.

The federal tax credits are administered by the Pennsylvania Housing Finance Agency and were approved by its board.