April 16, 2004
BENEFICIAL SAVINGS BANK PARTNERS WITH ARCHDIOCESAN OFFICE FOR COMMUNITY DEVELOPMENT IN HOME OWNERSHIP INITIATIVE
Beneficial Savings Bank is contributing $340,000 to the Office for Community Development of the Archdiocese of Philadelphia to assist in the acquisition and rehabilitation of vacant houses in the St. Hugh neighborhood of Philadelphia (West Kensington/Fairhill). The rehabilitated houses will be marketed to low and moderate income families for home ownership.
George W. Nise, president and CEO of Beneficial Savings Bank, will present a check in the amount of $340,000 to the Office for Community Development of the Archdiocese of Philadelphia as follows:
10:00 A.M.
Beneficial Savings Bank
530 Walnut Street
Philadelphia
Reverend Monsignor Timothy C. Senior, Secretary for Catholic Human Services of the Archdiocese of Philadelphia and president of the Office for Community Development, will receive the check.
Mr. Nise has stated, "We are honored that the Archdiocese has selected Beneficial as their partner in this revitalization effort. Our original mission, which we still follow today, is embodied in this very endeavor, as we have been ‘Part of the neighborhood since 1853.'"
The home ownership initiative is at the center of the Office for Community Development's revitalization efforts in the St. Hugh neighborhood. Vacant housing rehabilitation and other recommendations for revitalization are included in a recently completed neighborhood strategic plan, based upon several community meetings held during 2003-2004. The Office for Community Development will also partner with the Hispanic Association of Contractors and Enterprises (HACE) during implementation of the home ownership initiative.
Beneficial Savings Bank's contribution is being made through the Pennsylvania Department of Community and Economic Development (DCED) Neighborhood Assistance Program, which offers tax credits to businesses that sponsor or contribute to approved, charitable initiatives. The City of Philadelphia's Home Ownership Rehabilitation Program will provide additional subsidies to support this initiative, including a partial match of funds contributed by Beneficial Savings Bank.
Contact
Marie Kelly
Associate Director
215-587-3747