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The Impact Warren Project received a huge boost on
Tuesday with a $1,500,000 Homeownership Choice Program
loan.
The loan, which comes through the Pennsylvania Housing
Finance Agency, will help finance construction of 28 townhouses
and condominium units, which is the first phase of redevelopment
of Breeze Point Landing.
The PHFA awarded a total of $5,869,798 for projects
in five cities across the state.
Warren Mayor Mark Phillips said Tuesday, "This
is great news for the City of Warren. This is a first
step in many that will need to be completed for the
total project to be realized."
Phillips said he had recognized that plans for Breeze
Point Landing have many of the attributes which PHFA
wants in a project. "But we recognize it's a competitive
bid system, and this successful bid reinforces our belief
that the team of Bob Yoder, Larry Segal and Tom Harley
are the right team to assist the City of Warren to move
forward on this very large project," he said. "Their
experience in other large development projects has enabled
them to make sure that a strong project was proposed
to PHFA. We were able to compete with the big boys in
the state."
Other proposed construction at Breeze Point Landing
will be a large facility to serve as headquarters of
the Warren County Transit Authority, an entertainment
complex, a convention center and new hotel, apartments,
parking garages, and exterior rehabilitation of commercial
structures in the area.
The housing will be directed toward home buyers with
income levels between 50 and 115 percent of median income.
The price of the housing will range from $55,000 to
$85,000. PHFA funds will be used to construct two-bedroom,
two-bath units designed to be both modern and energy
efficient. Each unit will be designed to provide views
of the Allegheny River. Site demolition is expected
to begin in May 2003, with development scheduled for
completion in December 2004.
Phillips added that he believes PHFA liked the project's
rural setting, noting that traditionally, a project
like this would be undertaken in Pittsburgh, Philadelphia
or Erie. "This shows me that with a strong project,
our community of Warren County can compete as well,"
Phillips said.
The total budget for the project is $17 million. Additional
financing is being provided by the state, Warren County
and the City of Warren, Pennsylvania Department of Community
and Economic Development, Warren County Transit Authority,
The Investment Fund, Northwest Bancorp, Inc., and the
Federal Home Loan Bank of Pittsburgh.
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