PHILADELPHIA, PA (November 20, 2003) - Ten years after the modernization of Phase I began, PHA today celebrated the grand opening of the newly renovated final phase of the Wilson Park housing development in South Philadelphia. The first families have begun moving in to the available 153 homes, and PHA expects all units to be occupied by March 2004. Phases I and II were rebuilt in the 1990s, but PHA Executive Director Carl Greene said that Phase III had to wait until PHA could find the funding. We planned to convert these units into modern, affordable housing but we had to get creative with the financial package to get the job done, Greene said.

The answer came from the nearby Tasker development where PHA is building 554 new homes. PHA was able to generate enough funding not only to finance Tasker, but to also fund Wilson Park- Phase III and at the Blumberg development in North Philadelphia. Government purpose bonds provided the $18 million needed to complete Wilson Park. These bonds issued in July 2002 are secured by future federal allocations of public housing capital.

Wilson Park Phase III are the latest homes to open in PHAs citywide plan to provide 6,000 new or totally renovated affordable housing units. Like all of the other new PHA properties, these two, three and four bedroom homes have all the modern amenities such as central air conditioning, new kitchens, baths and washer/dryer hookups. PHA also shows a continued commitment to the disabled by offering eight completely accessible units.

Carl Greene emphasized that PHA plans to maintain this investment by promoting the agencys Quality of Life program, whereby residents are held accountable for their behavior and the upkeep of their properties. We are building the finest affordable housing and we expect that our customers will be our partners in preserving their homes and neighborhood.

About PHA

As the nations fourth largest public housing agency serving more than 76,000 residents, PHA is transforming public housing in the city of Philadelphia. PHA is the first housing authority in the U. S. designated as an Accredited Management Organization by the Institute of Real Estate Management (IREM) of the National Association of Realtors. This designation is awarded to firms engaged in property management that have met IREMs high standards in the areas of education, experience, integrity and financial stability.