White Deer Commons, a 24-unit low-income housing development in Union County, has a new owner.
The Union County Housing Authority closed on a property transfer with White Deer Commons Associates. The transfer was official on Tuesday.
The Pennsylvania Housing Finance Agency authorized the transaction in which the Housing Authority accepts a refinanced $1 million debt and received an additional $500,000 loan for capital improvements: new roofs throughout and some HVAC system upgrades.
Housing Authority board members voted to approve a sales agreement in April.
“The development has come to the end of its affordable housing funding cycle and was due for refinancing,” Bruce Quigley, executive director of the Housing Authority, said in a press release.
Built on a $1 million-plus loan in 1996, the transfer assures local control for low-income occupants through at least 2049, according to the release.
“Local control is important,” Quigley said, “It guarantees Union County values are applied to the administration of the facility.”
No current residents of White Deer Commons will be displaced by the ownership change, the release states.
— ERIC SCICCHITANO