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Parade Street Condominium Unit Has a Buyer Already --- Updated October 25

The recent open House held by the Housing Authority of the City of Erie for the Authority's Parade Street Condominiums was a success.

Almost 100 people attended, and one of the condos, a three-bedroom facility priced for Authority residents at $82,175, has a buyer. Articles of agreement are being completed.



"We had a lot of interest in the entire development," said Authority Director John E. Horan. "The three bedroom unit has a very strong commitment from a family now in this country as refugees from Bosnia. This family -- a father and mother and their two sons, ages 7 and 9 -- will soon be living the American Dream. They are well qualified to purchase their home"

Horan said a local lawyer is also showing a very strong interest in one of the commercial units.

The open house was held Sunday, September 24, at the Authority's new Parade Street Condominiums, East 14th and Parade streets. The event introduced the development to Authority residents, the general public, and the news media.

Although the commercial units are being offered to the general public, as well as Authority tenants, "The Authority intends to give our income-qualified public housing tenants the first opportunity to purchase the residential units," said John E. Horan, executive director of the Authority. "The American Dream of homeownership is coming back to Parade Street. We hope it will spark additional commercial and residential development. This is a large first step in the renaissance of the historic Parade Street corridor."

The Parade Street development contains six residential and two commercial units. For qualified public housing tenants, the residential units will be available from $58,900 to $87,780, depending upon the size of the condominium.

The 14th and Parade Street site had been vacant for the past 27 years. "This will be one of the most significant developments on Parade Street in decades," Horan said.

"We're not just about temporary rental housing any more," Horan said of the Authority. "We're about people -- helping to put people on their feet in terms of both jobs and homeownership. This development will provide homeownership opportunities, jump start the Parade Street renewal efforts, and beautify and enhance the city."

"With our Parade Street development now on the market, the Housing Authority of the City of Erie is giving current public housing residents who are ready to become first-time homebuyers an opportunity to own a very nice place in which to build equity," said Horan. "Several of the new condominiums have workspaces on the first floor. Buyers will have the flexibility to use the first floor for either an in-home business or for additional living space, depending on their family needs."

"These condos are being sold below our cost to make them affordable to public housing tenants," Horan said. "This is in direct accordance with our mission, which is to foster economic self-sufficiency among the residents we serve, while helping to revitalize the city. Getting families into their own homes is an essential part of economic and personal self-sufficiency, and we believe this development will begin a Parade Street renaissance."

For more information or news media interviews, call John Horan at 452-2425.