News Column

Corbett Administration Announces Investments in Housing Made throughout Marcellus Shale Region

July 25, 2014

By a News Reporter-Staff News Editor at Energy Weekly News -- Governor Tom Corbett announced investments in housing made by his administration across the Marcellus Shale region to address needs created by the growing natural gas industry presence in Pennsylvania.

Since 2011, $49.8 million from natural gas and federal funding sources has been invested in housing initiatives by the Corbett administration. The impact of that funding has been multiplied by leveraging it to attract additional investments of $311.5 million from the private sector and other public sources.

This funding has been used to construct new housing and to rehabilitate existing housing, depending on which approach was deemed best to address housing shortages in communities. Investments have been made in both single-family and rental housing.

"We've made solid progress addressing housing needs in Marcellus Shale counties, and we've done it in a smart way," said Governor Corbett. "We haven't imposed a Harrisburg-based solution on local leaders. As the funding from natural gas impact fees has become available, we've directed those dollars back to where they can do the most good as identified in community-led proposals."

The Pennsylvania Housing Affordability and Rehabilitation Enhancement (PHARE) program has distributed $16.7 million supporting 59 local housing proposals in 26 counties since 2012. That capital has been used to leverage additional funding of $160 million to be invested in new housing construction and the rehabilitation of existing housing.

Keywords for this news article include: Energy, Oil & Gas, Natural Gas, Investment and Finance, Pennsylvania Housing Finance Agency.

Our reports deliver fact-based news of research and discoveries from around the world. Copyright 2014, NewsRx LLC

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Energy Weekly News

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters