Congressman Dent Announces the Latest Grant for Overlook Park: Fourth phase of redevelopment of Hanover Acres project gets funding
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Congressman Dent Announces the Latest Grant for Overlook Park: Fourth phase of redevelopment of Hanover Acres project gets funding

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ALLENTOWN, PA – August 25, 2008 – (RealEstateRama) Congressman Charlie Dent (PA-15) presented $250,000 in grant money today, helping the sponsors of Overlook Park move into the fourth phase of redevelopment of the former Hanover Acres/Riverview Terrace public housing project.

Congressman Dent joined Allentown Mayor Ed Pawlowski and regional housing, community development and banking leaders at the site of the growing affordable housing campus, which the City of Allentown views as the answer to a longstanding eyesore and as a catalyst for private development.

This latest grant, delivered by KNBT, a division of National Penn Bank, and the Federal Home Loan Bank of Pittsburgh (FHLBank), will help fund another 50 affordable housing units at Overlook Park – 22 one-bedroom units, 13 two-bedroom units, 11 three-bedroom units and four four-bedroom units. FHLBank, with KNBT, had previously delivered grants for $290,000 and $300,000 to support earlier phases of Overlook Park, bringing the total of such grants to $840,000. Overlook Park is also the recipient of financing from the Pennsylvania Housing Finance Agency. Developer Pennrose Properties is converting the defunct housing complex into a total of 269 units of affordable rental housing and 53 homeownership units in this innovative Hope VI project.

“Overlook Park is living up to the promise of the Hope VI program,” said Congressman Dent. “This expanding development will continue to eliminate blight, help stabilize a neighborhood that is undergoing renewal, and most importantly provide affordable housing for individuals and families in our community.”

“Today is another proud day for the citizens of Allentown,” said Mayor Ed Pawlowski. “Attending these check presentation events is getting to be a habit. The housing authority, Pennrose Properties, KNBT, FHLBank Pittsburgh, PHFA and everyone else associated with this important project are to be commended for changing the face of our city for the better.”

“As an ongoing supporter of the communities we serve and live in, KNBT is proud to support the transformation of distressed neighborhoods into affordable housing accessible to all members of the community,” said David B. Kennedy, president of KNBT, a division of National Penn Bank.

The fourth phase of Overlook Park is expected to start welcoming residents by October 2009.

Chartered by Congress in 1932, FHLBank Pittsburgh serves the needs of 333 member-owner financial institutions in Delaware, Pennsylvania and West Virginia. It provides them with a steady stream of liquidity for housing finance, community and economic development and other needs. FHLBank is wholly funded with private capital, not taxpayer dollars. At June 30, 2008, FHLBank Pittsburgh had approximately $99 billion in assets.

About National Penn Bancshares, Inc.:

National Penn Bancshares, Inc., with $9.2 billion in assets, is the fifth largest bank holding company based in Pennsylvania.

Headquartered in Boyertown, National Penn operates 127 offices: 124 offices in Pennsylvania and one office in Maryland through National Penn Bank and its FirstService Bank, HomeTowne Heritage Bank, KNBT and Nittany Bank divisions, and two offices in Delaware through its wholly-owned subsidiary, Christiana Bank & Trust Company.

National Penn’s financial services affiliates consist of National Penn Investors Trust Company; National Penn Capital Advisors, Inc.; Vantage Investment Advisors, LLC; National Penn Leasing Company; National Penn Insurance Agency, Inc.; Caruso Benefits Group, Inc.; and Higgins Insurance Associates, Inc.

National Penn Bancshares, Inc. common stock is traded on the Nasdaq Stock Market under the symbol “NPBC”. Additional information about the National Penn family is available on the company’s Web site at http://www.nationalpennbancshares.com.

Contact:
">Gregg Bortz, Congressman Charlie Dent, 610-861-9734
Mayor Ed Pawlowski, 610-437-7547
">Daniel Farrell, Allentown Housing Authority, 610-439-8919
Cathy Bower, KNBT, 610-369-6618
">Kristin Rhoads, Pennrose Properties, 267-386-8662
">Neil Cotiaux, FHLBank: 412-288-2851, cell: 412-335-9488;

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