Funding for other Fayette County, Somerset County housing initiatives also approved.
Senator Pat Stefano (R-32) today announced over $7 million in funding for the construction of the Fairchance Senior Housing Development. The award consists of $500,000 in PHARE funding with the remaining coming from federal housing tax credits to construct 36 senior apartments in a three-story building on Fair Street in Fairchance, Fayette County. The assistance was awarded through the Pennsylvania Housing Finance Agency.
Stefano said that in addition to the apartments for senior citizens, the Fairchance Senior Housing Project will include a community room, rental office, laundry facilities, public restrooms, mechanical and janitor rooms within the central lobby on the first floor.
The central lobby on the second and third floors will include a meeting room, lounge, laundry, public restrooms, mechanical and janitor rooms. An elevator and open stairwell will also be in the central lobby near the main entrance.
“We are excited to be involved with the Fairchance Senior Housing development. With the approval today of the Pennsylvania Housing Finance Agency of the federal housing tax credits, we now have a great deal of work ahead of us,” Stefano said.
“This is the culmination of many years of hard work by Fayette Community Action and its partners. The project will provide a terrific boost to Fairchance and our entire county. I’m proud to have been involved in this team effort to bring this project to fruition,” Stefano concluded.
“We have a terrific development team with Dr. Merbedone, Sleighter Engineering and Fairchance Construction Co., that have worked hard to develop this project,” said Jim Stark, Community Action CEO. “Our Board and staff at Community Action devoted a great deal of time and effort over several years to develop this project. We all believe that Fairchance Senior Housing meets a strong need in the housing market, provides an opportunity to continue development in the Fairchance area, and will have a positive impact on the area economy.”
“The support of our public officials both at state and local levels helped to move this project forward,” Stark said, “I’d like to thank Senator Stefano for his efforts in advocating for us with the PHFA board and arranging a tour back in December with PHFA staff and local stakeholders.”
“The funding is very competitive. Securing the funding reflects the quality of our team and the support of the community. We are very grateful to the Pennsylvania Housing Finance Agency for their support and approval of this important project,” Stark said.
Stefano also announced approval of $125,000 in funds for the 2017 Fayette County Neighborhood Stabilization Initiative. It is the next phase of a program aimed at the retention and creation of affordable homeownership opportunities through housing rehabilitation and development. Funds will be used to provide 0% interest loans to assist homeowners with necessary rehabilitation work.
In addition, Stefano said $80,000 in PHARE funding has been approved for Somerset County’s Youth Focused Housing Program, which will provide rapid re-housing and supportive services to assist transition age youth at risk of homelessness. Vulnerable youth will be housed at numerous scattered sites with resources and case management services to assist the unique developmental needs of this population.
The funding was approved by the Pennsylvania Housing Finance Agency Board of Directors. PHARE funding comes from three sources: Marcellus Shale Impact Fees, Realty Transfer Taxes and the National Housing Trust Fund.
Contact: Ben Wren email@example.com (717) 787-7175