Photo: Oil Region AllianceThe Pennsylvania Housing Finance Agency (PHFA) has awarded $800,000 the Oil Region Alliance (ORA) for the completion of the rehabilitation of the Downs Building.
The building is located at 201 Center St., Oil City. The renovated building will include a first-floor retail space and residential units on the second and third floors.
The ORA was one of only seven projects across the state to be awarded a Community Revitalization Fund Program grant through PHFA's Mixed-Use Development Tax Credit Program.
This was the first time the ORA has applied for and received a grant from the PHFA.
“We are deeply appreciative that PHFA recognized the value and potential impact completion of the Downs Building will have on Oil City and the greater Oil Region,” said ORA President and CEO John R. Phillips, II.
The ORA purchased the Downs Building in 2013 and has already renovated its basement, roof HVAC system, Center Street facade, and storefront. The storefront is currently available to rent for commercial/retail use.
Upcoming work will include the renovation of the Sycamore Street facade, finishing the first flood stockroom, and creating four-one bedroom apartment units.
Per the grant requirements, two of the units will be rented at affordable housing rates for at least 10 years, and the building must remain mixed use for that duration.
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