ACT 47 | New Castle

August 26, 2007 at 2:00a.m.

ACT 47 | New Castle

What: Act 47 provides loan and grant funds to financially distressed local governments, as well as technical assistance to formulate financial recovery plans.

Who: New Castle is now the 17th city in the program in Pennsylvania. Others in Act 47 status include Pittsburgh in Allegheny County, and in Mercer County, Farrell and Greenville are considered financially distressed. Six cities have exited the program since its inception in the late 1980s.

Uses: Financial and technical assistance for financial recovery; development of financial recovery plans.

Administration: The Governor’s Center for Local Government Services oversees the program. Coordinators from the private sector are hired to develop a financial recovery plan and oversee its implementation.

Source: The Pennsylvania Department of Community and Economic Development