The Cherry Street Commons project slated for Frackville will receive support from the state, according to Senator David G. Argall (R-Schuylkill/Berks).
Cherry Street Commons will consist of 17 units in four three-story townhomes in the borough. The project is being funded through private funds along with tax credits and a loan through the PennHOMES program administered by the Pennsylvania Housing Financing Agency (PHFA). The tax credit awarded through the highly competitive process totals $387,383 and a loan through PennHOMES of $921,308.
“This project will provide housing which is sorely needed in the area and will additionally assist in stimulating the local economy,” local business owner, Attorney Michael J. O’Connor said. “Cherry Street Commons will also be an environmentally responsible and resource-efficient development that will easily complement the established community.”
“These tax credits are highly competitive – only a third of the projects that applied received the credits,” Argall said. “This project will assist the borough in eradicating blighted areas as the Commons will occupy an underutilized and vacant property in the downtown. The private and public-sector funding for this project is critical to meeting the needs of the borough today, tomorrow and for the years to come.”
The total project cost, including private investment, is $4,732,562. Cherry Street Commons will be comprised of over 50,000 total square feet when completed on a 1.15 acre site in Frackville.