Governor Rendell Says Thousands of Families Will Get Down Payment Help; Affordable...

Governor Rendell Says Thousands of Families Will Get Down Payment Help;
Affordable Housing; 3,000 New Jobs with $380 Million in Recovery Funds

National Affordable-Housing Development Company Lauds State's Leadership,
Actions

STEELTON, Pa., June 10 /PRNewswire-USNewswire/ -- Governor Edward G. Rendell
today said 1,000 families will receive thousands of dollars to help make down
payments on new homes, more than 5,000 families in dozens of communities
across Pennsylvania will find affordable housing, and some 3,000 workers will
have jobs with the award today of more than $380 million in federal economic
recovery funds.

"This is great news for families who have been hit hard by the foreclosure
crisis in Pennsylvania, as the investments we are announcing today will help
provide affordable housing for tens of thousands of Pennsylvanians," said
Governor Rendell, who made the announcement at a former school in Steelton
that will be converted into apartments. "This is clear evidence that President
Obama's stimulus bill and Congress' efforts to address the impact of this
housing emergency are making a real difference in Pennsylvania.

"It's also a great day for families who need help coming up with a down
payment for a new home. This creative, new program represents the spirit of
partnership and innovation the President challenged us to employ when he
signed the stimulus bill."

Governor Rendell said the Keystone First Program, an innovative down payment
assistance program from the Pennsylvania Housing Finance Agency, will provide
up to $6,000 in down payment help to at least 1,000 first time homebuyers.

"It's much harder to get a mortgage today than it was only a year ago," the
Governor said. "Most banks are looking for 20 percent down, or even more. As a
result, stable families looking for their first home can't come up with money
up front to purchase a home. That changes with the stimulus-funded First Time
Homebuyer Tax Rebate program."

Winn Development, a Boston-based national affordable-housing development
company, will be working to help convert the Felton Building in Steelton to
apartments. It will be the company's 10th project in Pennsylvania.

"Winn Development commends the commonwealth and PHFA for being among the first
states to implement the stimulus program in this way," said Cheryl Stulpin, a
vice president with the company. "What they are doing is going to have a big
impact on the people and communities of the commonwealth."

Governor Rendell said the funding for the 99 projects that will make
affordable housing more prevalent in the commonwealth comes from the
Neighborhood Stabilization and Low Income Housing Tax programs.

Neighborhood Stabilization will provide $57 million to help rehabilitate
properties in the state that were subject to foreclosure as a result of
subprime mortgage lending practices. NSP funding - authorized by the federal
Housing and Economic Recovery Act of 2008 and administered by the Pennsylvania
Department of Community and Economic Development - will assist 650 families
through 28 projects undertaken by local governments across the commonwealth.
The funds will allow local governments and their partners to acquire,
rehabilitate and resell foreclosed properties, and to redevelop vacant and
blighted sites.

The Low Income Housing Tax Credit program will provide $320 million in
stimulus funding to help put more than 3,580 families in affordable rental
housing units. The funding will be made available by the Pennsylvania Housing
Finance Agency, which will allow more than 3,580 families to move into
affordable rental housing units.

"With all of this money, people in Easton, Williamsport, Lebanon, Uniontown,
Erie, and elsewhere will soon have safe, affordable places to raise families,
get back on their feet and, most importantly, someplace to call home,"
Governor Rendell said.

For more information on the Pennsylvania Housing Finance Agency, visit
www.phfa.org.

For information on the Neighborhood Stabilization Program and other programs
administered by DCED, visit www.NewPA.com or call 1-866-466-3972.

The Rendell administration is committed to creating a first-rate public
education system, protecting our most vulnerable citizens and continuing
economic investment to support our communities and businesses.To find out more
about Governor Rendell's initiatives and to sign up for his newsletter, visit
www.governor.state.pa.us.

EDITOR'S NOTE: The following projects have been approved (some of the PHFA
funding is subject to final board approval on June 11).

Adams County

Pennsylvania Housing Finance Agency funding

-- Misty Ridge will receive $8,721,353 for the development of 46 units.

Allegheny County

Neighborhood Stabilization Program

-- The City of Pittsburgh and Allegheny County will receive $4,050,000 to
help bring Wood Street Commons out of foreclosure. The project will
include 254 units developed and 25 units demolished.

Pennsylvania Housing Finance Agency funding
-- 3rd East Hills will receive $10,814,186 for the development of 47
units.
-- Dad's House & Safe Haven will receive $399,687 for the
development of 15 units.
-- North Hills Highlands will receive $3,380,232 for the development of
60
units.
-- Oak Hill Apartments will receive $11,651,150 for the development of 86
units.
-- South Hills Retirement Residence will receive $2,240,642 for the
development of 106 units.
-- York Commons will receive $11,507,708 for the development of 102
units.
-- Crescent Apartments will receive $744,637 for the development of 27
units.

-- North Hills Highlands II will receive $1,578,290 for the development
of
37 units.

Pennsylvania Housing Finance Agency projects (tax credits only)
-- Fraser Hall will have 72 units developed.
-- Garfield Heights II will have 45 units developed.

-- Dinwiddie Street Commons will have 23 units developed.

Armstrong County

Pennsylvania Housing Finance Agency funding

-- Valley View V will receive $1,053,575 for the development of 20 units.

Beaver County

Neighborhood Stabilization Program

-- Beaver County will receive $1,291,682 to build and/or renovate housing
for low-income residents in New Brighton and Ambridge boroughs. Nine
units will be developed, and five demolished.

Pennsylvania Housing Finance Agency projects (tax credits only)

-- Connolly Park will have 32 units developed.

Blair County

Pennsylvania Housing Finance Agency funding

-- Keith Hilltop Terrace will receive $4,870,869 to develop 53 units.

Pennsylvania Housing Finance Agency projects (tax credits only)

-- Chatham Mews will have 11 units developed.

Bucks County

Neighborhood Stabilization Program

-- Bristol Township will receive $2,508,932 to buy and renovate 27
foreclosed homes and abandoned units.

Pennsylvania Housing Finance Agency funding

-- Penn Villa will receive $2,101,962 to develop 23 units.

Butler County

Neighborhood Stabilization Program

-- The Redevelopment Authority of Butler County will receive $500,000 to
buy eight abandoned/foreclosed properties; four of which will be
rehabbed and sold to income-eligible families. Four other properties
will be razed and the property held for possible new housing.

Pennsylvania Housing Finance Agency funding
-- Madison Grove will receive $7,430,783 for the development of 50 units.

-- Historic Lafayette Apartments will receive $992,200 for the
development
of 62 units.

Cambria County

Neighborhood Stabilization Program

-- Cambria County will receive $3 million to rehab or build 19 units and
raze 10 others.

Centre County

Pennsylvania Housing Finance Agency funding

-- Westminster Place at Windy Hill will receive $1,298,552 to develop 36
units.

Chester County

Neighborhood Stabilization Program

-- Chester County will receive $1,880,541 to eight homes on eight
foreclosed lots, as well as renovate five abandoned and blighted homes
in Coatesville and South Coatesville Borough.

Pennsylvania Housing Finance Agency funding
-- Hopewell Manor will receive $2,377,425 to develop 72 units.
-- The Hickman Expansion will receive $5,679,384 to develop 60 units.

-- Roymar Hall Apartments will receive $1,652,725 to develop 24 units.

Clarion County

Pennsylvania Housing Finance Agency funding

-- Drake Crossing will receive $2,650,890 to develop 30 units.

Clearfield County

Neighborhood Stabilization Program

-- Clearfield County will receive $714,318 to buy and renovate nine
properties in DuBois and Clearfield, and demolish nine other
properties.

Columbia County

Pennsylvania Housing Finance Agency funding
-- Clover Hill Estates will receive $6,226,751 to develop 24 units.

-- Trinity House will receive $684,127 to develop 11 units.

Cumberland County

Pennsylvania Housing Finance Agency funding

-- New Cumberland Senior Housing will receive $481,297 to develop 10
units.

Dauphin County

Pennsylvania Housing Finance Agency funding

-- Dauphin County will receive $7,927,184 to develop 100 units.

Delaware County

Neighborhood Stabilization Program
-- Chester and Delaware County are receiving $7,168,000 to develop 29
units
and raze 112 other units.
-- Chester City intends to use the money to help the Chester Economic
Development Authority with the clearance and reuse of the vacant,
to
be foreclosed upon, four-story property at 850 Parker Street - the
Detroit Apartment Building.

-- Delaware County intends to use its share of the funds in Ridley
Township for acquisition, clearance, new construction and land
banking. Properties to be acquired from J.P. Morgan-Chase are
vacant, foreclosed units in the Penn Hills section of Ridley
Township.

Pennsylvania Housing Finance Agency funding
-- Edgmont Senior Apartments will receive $14,148,914 to develop 87
units.
-- Pentecostal Square will receive $12,279,374 to develop 70 units.
-- Pennrose Properties will receive $7,174,201 to develop 71 units at
Delaware County Fairgrounds II.

-- Roizman Development will receive $6,705,034 to develop 38 units at
Madison Senior Apartments.

Erie County

Neighborhood Stabilization Program
-- The City of Erie will receive $2,089,416 to buy and demolish 17
blighted
properties, and buy 13 other properties (one, a six-unit apartment,
will
be renovated. Six of the rehabbed units will be sold to
income-eligible
residents).

-- The Erie County Housing Authority will use its $575,900 award in Union
City Borough and Corry City to buy and rehab four foreclosed
properties.
The renovated homes will be made available to rent for people with
mental disabilities.

Pennsylvania Housing Finance Agency funding

-- Fairview Family Homes will receive $5,249,624 to develop 25 units.

Fayette County

Neighborhood Stabilization Program

-- The Redevelopment Authority of the County of Fayette will receive
$1,800,000 to buy 15 foreclosed properties and demolish 50 other
properties in Uniontown, Connellsville and Masontown. Twelve of the
foreclosed properties will be rehabbed and sold to income-eligible
households. Five homes will be constructed in Masontown on land
previously owned by the Authority.

Pennsylvania Housing Finance Agency funding

-- Uniontown Senior Housing will receive $2,782,421 for the development
of
36 units.

Franklin County

Pennsylvania Housing Finance Agency funding
-- Chambersburg Family Townhomes will receive $7,034,393 for the
development of 40 units.
-- Chambersburg Senior Housing will receive $5,864,450 for the
development
of 32 units.

-- Raystown Crossing will receive $7,033,315 for the development of 50
units.

Indiana County

Neighborhood Stabilization Program

-- Indiana County will receive $2,576,973 for the development of 15
units,
including a 12-unit rental property in the Borough of Indiana, which
will then be rehabilitated and donated to a local community housing
development organization and rented to income-eligible households.

Pennsylvania Housing Finance Agency funding

-- TREK and Indiana County will receive $1,928,734 for the development of
40 units.

Lackawanna County

Neighborhood Stabilization Program
-- The City of Carbondale Redevelopment Authority will receive $750,000
to
acquire foreclosed properties; demolish blighted, vacant properties;
and
construct new homes on cleared sites. In total, five units will be
developed and eight will be demolished.

-- The City of Scranton will receive $3 million to develop 24 units and
demolish 22 units in the 50-square block South Scranton Revitalization
area.

Lancaster County

Pennsylvania Housing Finance Agency funding
-- Garden Court will receive $11,219,998 for the development of 264
units.

-- Park Avenue Apartments will receive $1,365,625 for the development of
24
units.

Lawrence County

Neighborhood Stabilization Program

-- Lawrence County Social Services Inc. will receive $2.23 million for
use
in Bessemer Borough and Ellwood City to acquire eight abandoned,
functionally obsolete homes for demolition; acquire and rehabilitate
four foreclosed single-family homes for resale to eligible
owner-occupants; acquire and rehabilitate five foreclosed
single-family
homes for lease/purchase; and acquire and rehabilitate five foreclosed
single-family homes and provide housing rental opportunities for
individuals with special needs and mental illness. In total, 14 units
will be developed and eight units will be demolished.

Pennsylvania Housing Finance Agency funding

-- Lightner Greene will receive $7,508,347 for the development of 50
units.

Lebanon County

Neighborhood Stabilization Program

-- The City of Lebanon will receive $1.5 million to use in its "Blue
Print Communities Initiative Area." Thirteen units will be
developed and four units will be demolished.

Lehigh County

Pennsylvania Housing Finance Agency funding

-- Greystone Apartments will receive $1,233,286 for the development of 24
units.

Lehigh/Northampton counties

Neighborhood Stabilization Program

-- Lehigh County will receive $2,217,437 to develop ten units in the
target
areas of South Bethlehem, Fountain Hill, Catasauqua, Easton (West
Ward)
and Wilson Borough, which is in Lehigh and Northampton counties.

Luzerne County

Neighborhood Stabilization Program
-- Wilkes-Barre will receive $2,400,000 to target a blighted,
tax-foreclosed former industrial site. After the City of Wilkes-Barre
demolishes structures on the site with non-NSP funds, the deed for the
land will be donated to a nonprofit housing corporation, which will
construct 18 energy-efficient housing units

-- Luzerne County will receive $1,693,406 to develop six units and
demolish
nine units in the cities of Nanticoke and Pittston.

Pennsylvania Housing Finance Agency funding

-- Saint Stanislaus will receive $2,422,713 for the development of 30
units.

Lycoming County

Neighborhood Stabilization Program

-- The City of Williamsport will receive $800,000 to develop four units
and
demolish four units in targeted areas of the Park Avenue neighborhood.

Mercer County

Neighborhood Stabilization Program

-- Mercer County intends to use its $3.7 million grant award for
activities
in the Russell Street neighborhood in Sharon and in targeted middle
market neighborhoods in Hermitage. In total, 24 units will be
developed
and three units will be demolished.

Pennsylvania Housing Finance Agency funding

-- Quaker Meadow will receive $4,392,866 for the development of 40 units.

Monroe County

Neighborhood Stabilization Program

-- Monroe County will receive $825,000 to buy, rehab and resell
foreclosed
homes in Mt. Pocono, Stroudsburg, and East Stroudsburg. Five units
will
be sold to households all at or below 50 percent AMI. The county
plans
to use Monroe County Habitat for Humanity in the rehabilitation of
these
homes.

Pennsylvania Housing Finance Agency funding
-- White Stone Commons will receive $8,352,391 for the development of 72
units.

-- Limekiln Manor will receive $5,095,483 for the development of 40
units.

Montgomery County

Neighborhood Stabilization Program

-- Montgomery County will receive $1.5 million to develop nine units and
demolish nine units in Norristown and Pottstown.

Pennsylvania Housing Finance Agency funding
-- 509 Ashbourne Road will receive $8,081,043 for the development of 84
units.

-- Derstine Run will receive $2,633,276 for the development of 59 units.

Northampton County

Neighborhood Stabilization Program

-- The City of Easton will receive $500,000 to use on properties on Ferry
Street in the West Ward neighborhood. Proposed NSP activities include
the acquisition, rehabilitation and sale of two foreclosed or
abandoned
properties.

Pennsylvania Housing Finance Agency funding

-- Delaware Terrace will receive $3,592,296 for the development of 56
units.

Northumberland County

Pennsylvania Housing Finance Agency funding

-- Cannery Point will receive $5,699,547 for the development of 24 units.

Philadelphia County

Neighborhood Stabilization Program

-- The City of Philadelphia will receive $3,750,000 for use in targeted
neighborhoods in its western, northwest, and northern section. The
Redevelopment Authority of the City of Philadelphia will acquire and
convey the foreclosed properties to developers. The properties will be
sold to eligible households. In total, 35 units will be developed.

Pennsylvania Housing Finance Agency funding
-- Diamond Street Initiative will receive $12,167,836 for the development
of 49 units.
-- Francisville East will receive $1,500,000 for the development of 44
units.
-- Brooklyn Heights will receive $8,006,922 for the development of 32
units.
-- Hancock Manor will receive $10,146,226 for the development of 45
units.
-- Osun Village will receive $2,706,035 for the development of 16 units.
-- Pilgrim Gardens will receive $8,447,751 for the development of 62
units.
-- New Courtland Apartments at Cliveden will receive $4,174,970 for the
development of 62 units.
-- HELP Philadelphia will receive $4,056,254 for the development of 63
units.
-- Presser Senior Apartments will receive $2,259,189 for the development
of
45 units.
-- WPRE will receive $872,615 for the development of 20 units.
-- Evelyn Sanders Townhouses II will receive $4,106,106 for the
development
of 31 units.
-- Nicetown Court will receive $6,314,592 for the development of 37
units.

-- Jannie's Place will receive $350,548 for the development of nine
units.

Pennsylvania Housing Finance Agency projects (tax credits only)
-- Paschall Village Phase I will have 50 units developed.

-- Temple I North 16th Street will have 58 units developed.

Somerset County

Pennsylvania Housing Finance Agency funding

-- Village at Somerset will receive $9,323,963 for the development of 100
units.

Susquehanna County

Neighborhood Stabilization Program

-- Susquehanna County will receive $567,000 for the purchase of
foreclosed
homes in Susquehanna Depot. Six units will be developed and one unit
will be demolished.

Pennsylvania Housing Finance Agency funding

-- Chocolate Creek Apartments will receive $4,317,213 for the development
of 24 units.

Westmoreland County

Neighborhood Stabilization Program
-- The City of New Kensington will receive $1,650,000 for the development
of 17 and demolition of eight units in the city's Weed & Seed
neighborhood.

-- The County of Westmoreland intends to use its $2 million grant award
within Greensburg, Jeannette and Scottdale. A total of 13 units will
be
developed.

Pennsylvania Housing Finance Agency funding

-- New Salem Acres will receive $5,829,924 for the development of 150
units.

Pennsylvania Housing Finance Agency (tax credits only)

-- South Sixth Street Revitalization to have 18 units developed.

York County

Pennsylvania Housing Finance Agency funding
-- Hopewell Courtyard will receive $5,537,011 for the development of 96
units.

-- Westminster Place at Carroll Village will receive $1,774,849 for the
development of 29 units.

CONTACT:
Chuck Ardo
717-783-1116

Luke Webber (DCED)
717-783-1132

SOURCE Pennsylvania Office of the Governor

Chuck Ardo of the Pennsylvania Office of the Governor, +1-717-783-1116, or
Luke Webber of the Pennsylvania Department of Community and Economic
Development, +1-717-783-1132