A ribbon-cutting ceremony in March celebrated the partnerships that kept St. Joe’s Community General in downtown Reading. BerksIDA, in partnership with Greater Berks Development fund and several CDFI’s is pleased to support the renovations planned for the former Community General Hospital building in downtown Reading.
Penn State Health St. Joseph’s and Haven Behavioral Health have occupied the building since 2011. The two organizations offer a variety of services, including medical, dental, nutrition, and pharmacy, as well as both in- and outpatient behavioral health services, at a convenient location in the city. Future plans include the further addition of a day care.
However, the building is aging and in need of maintenance. In 2023, Shuman Development Group purchased the building from Penn State Health in order to relieve the burden of its upkeep. Phase one of the planned work will include a $14 million renovation of all major building mechanicals, the roof, and cosmetic improvements. The entire project is expected to be completed in three years.
The ribbon-cutting was attended by several of the partners involved in the project. They include Finanta (formerly Community First Fund), a community development financial institution with several locations in PA. The mission of CDFI’s is to create positive
change in communities by providing capital to projects that might not otherwise acquire it. Finanta was able to connect the project with New Market Tax Credits, a federal financing program of the US Treasury’s CDFI Fund designed to stimulate business investment in lower income communities.
BerksIDA, in partnership with GBDF, Finanta and CCG, were able to provide the bridge financing necessary to keep the hospital open and downtown until new markets could provide permanent financing for the project.
Reach out to BerksIDA if you have a project requiring similar support.