Settlement Clears the Way for Completion of East Falls Housing Development
PHILADELPHIA, PA (May 9, 2003) - A federal court settlement means the Philadelphia Housing Authority (PHA) will complete construction of the Schuylkill Falls development in the East Falls section of the city. PHA Executive Director Carl R. Greene calls the decision a "win-win." "PHA will be able to continue its mission of building quality homes for low- and moderate-income Philadelphians while meeting the needs of the larger community," Greene said.

Under the terms of the settlement, PHA agrees to sell at market rates at least half the houses designated for homeownership in Phase II of the project. The remainder of the homeownership units in Phase II will be sold at lower prices to applicants who meet income guidelines. Those homeowners, however, will not be allowed to re-sell their properties for 10 years.

Greene says the settlement reflects PHA's mission. "Our job is to raise the quality of life for our customers as well as for the people who live in the surrounding communities." Property values in the area have risen steadily since the Schuylkill Falls high-rise project was imploded and work began on the new homes. The new units are being built on a hill, making Schuylkill Falls one of the most picturesque sites in the PHA inventory. The agency is in the middle of a billion-dollar construction plan with new developments going up in several neighborhoods.

The PHA neighborhood group, the East Falls Community Council, had sued to stop construction. As part of the settlement, the group has agreed to drop any remaining issues.

The settlement still requires approval by the U.S. Department of Housing and Urban Development.

About PHA

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