Borough of State College Media Release
FOR IMMEDIATE RELEASE
April 9, 2015


CONTACT:  Courtney Hayden, Communication Coordinator
chayden@statecollegepa.us or (814) 278-4723


Redevelopment Authority purchases first home through HIP

 
State College, PAOn Wednesday, March 25, the State College Borough Redevelopment Authority (RDA) got the keys to its first home—the first purchase made through the newly formed Homestead Investment Program (HIP).
 
The Homestead Investment Program was established as a tool to address the Borough’s Strategic Plan goals of maintaining safe, stable and attractive neighborhoods, and increasing opportunities for homeownership and workforce housing. The program was initially approved by Borough Council in late 2013, and in 2014, the RDA established the procedures and guidelines of the program. The RDA considered a range of criteria for evaluating properties that could be purchased through this program. It determined that some of the highest priorities for this program include the purchase of registered student homes, homes eligible to become student homes and homes on blocks that are in transition from majority owner-occupied to primarily renter-occupied.
 
The first property purchased through the Homestead Investment Program meets two of these priorities. 720 South Allen Street was occupied by the seller, but is listed on the Borough’s Registered Student Home list, and is on a block with a mix of rental and owner-occupied properties. Furthermore, its location in the Highlands neighborhood, in close proximity to both public schools, the Penn State campus and other community amenities, made the home an excellent candidate for achieving the goals of the Program. 
 
Prior to resale, the RDA will notify the Borough of its forfeiture of the Student Home designation. The property will then be sold using the assistance of a listing agent, at fair market value, with a covenant ensuring the home is maintained as an owner-occupied residence.
 
With the spring real estate season already underway, the RDA and Borough staff are busy evaluating additional properties that may be eligible for the Homestead Investment Program. The goals of the program include a target of purchasing three to five homes each year. A Real Estate Advisory Committee will evaluate the purchases and provide recommendations to Borough Council regarding the program annually.

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Questions about the Homestead Investment Program can be directed to Ed LeClear, State College Planning Director at (814) 234-7109.


720 South Allen Street
Planning Director Ed LeClear entering 720 South Allen Street.
720 South Allen Street
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