Federal economic-stimulus cash is aiding a nearly $9.7 million financing package for a Somerset Borough housing development.
The Village at Somerset, subsidized housing on Village Way in the borough, plans extensive renovations at about 100 units, state officials announced last week.
“They wanted to get money to basically rehabilitate the units,” said Phil Friday, a spokesman for the Pennsylvania Housing Finance Agency.
The allocation is broken down into two parts: About $6.4 million comes in the form of tax credits that are part of the stimulus package, Friday said.
And the agency also is giving the Village at Somerset a low-interest loan of nearly $3.3 million.
“Without the tax credits, we couldn’t do the loan,” Friday said.
Both amounts are contingent on final approval by the finance agency next month.
Local managers of the Village at Somerset declined to comment until they receive official notification.
As part of the same stimulus-funding announcement made last week by Gov. Ed Rendell, Cambria County also is receiving a $3 million grant.
Larry Custer, Cambria County Redevelopment Authority executive director, said the money will be used to purchase foreclosed homes and either renovate or demolish them.
“We’re working in 11 communities,” Custer said. “These have been identified by (the U.S. Department of Housing and Urban Development) as being high-priority areas.”
In addition to the city of Johnstown, the targeted communities are Dean and Gallitzin townships as well as the boroughs of Ashville, Dale, East Conemaugh, Franklin, Gallitzin, Nanty Glo, Northern Cambria and Tunnelhill.
The authority will rehabilitate homes and sell them to low- to middle-income families, Custer said.
“Or in some cases we can acquire and raze a property and build new housing,” he said.
The authority had applied for a $5 million grant. But Custer said he is “very pleased” to land a $3 million allocation.
“My goal is to do something in each of those municipalities,” he said.
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