Senior housing project in Monroe gets federal grant of $9-million
Congressman Paul E. Kanjorski (PA-11) announced almost $9 million in federal funding for White Stone Commons in Stroud Township, which will generate 72 affordable senior housing units in Monroe County while also creating or saving 76 jobs. Congressman Kanjorski participated in the groundbreaking of the development. White Stone Commons will be located next to the Whitestone Healthcare Facility, a short term nursing facility that is currently under construction. The federal funding was allocated as a result of the recovery package that Congress passed, with Congressman Kanjorski's strong support, on February 13.
"Today's announcement shows how funding from the recovery package can benefit our seniors in need of more affordable housing, while also creating jobs at home in Northeastern Pennsylvania," said Congressman Kanjorski. "In these difficult financial times, many people, including seniors, are struggling to pay their bills. This funding will soon enable more seniors in the area to live in units that are more affordable and therefore ease the financial burden facing many of them. This important project is another example of the value of the recovery package in stimulating our local economy, and I appreciate the support from Senators Casey and Specter in the voting for the legislation."
"I am grateful to Congressman Kanjorski for his support of the recovery package and this project," said Robert P. Yoder, Sr., developer for White Stone Commons. "He understands the need to provide housing for residents and seniors that they can afford, and this project aims to do just that. As we break ground today on this site, I look forward to moving forward with construction so that people can then move into them in the near future."
According to a study for the Pennsylvania Housing Finance Agency by The Reinvestment Fund, an organization dedicated to the financing of neighborhood revitalization, Monroe County is expected to experience some of the greatest growth in the number of low income elderly households in Pennsylvania. The White Stone Commons projects aims to help with this projection by creating homes that seniors can afford.
Specifically, the development will contain 66 one bedroom units, 6 two bedroom units, a community room, sitting areas, computer lab, and laundry facility.
As a result of the Recovery Act, the Tax Credit Exchange Program provides federal funding for the creation of affordable rental housing units. Under the program, the state agency serves as the investor enabling the project developer to exchange low income housing tax credits for federal grant funding for the project. The funding is made available through the U.S. Department of the Treasury, the U.S. Department of Housing and Urban Development, and the Pennsylvania Housing Finance Agency.