Washington –The U.S. Department of Housing and Urban Development today announced the release of a $4.3 million loan guarantee for a Berks County organization to use in converting a former factory into a vibrant new arts and education center in Reading.

“This is wonderful news for the city of Reading,” Rep. Jim Gerlach explained. “This is a significant investment in our community and the formation of a partnership with a great local organization that’s based on a mutual desire to see Reading and Berks County prosper and grow.”

Congressman Joe Pitts added: “This project is exactly the kind of creative planning which is going to build a bright future for Reading. This is very good news and it is going to have a strong impact on the cultural and economic future of the city. Congressman Gerlach and I worked closely together in urging HUD to do this, and I’m delighted that our efforts were successful.”

Our City of Reading Inc. will use the Section 108 Loan Guarantee to acquire and redevelop the former Dalloz Eyeglass factory, a 2.5-acre property situated on the corner of Washington and Second Street at the foot of the Penn Street Bridge in downtown Reading. Built originally in 1871, the factory manufactured eyeglasses and safety equipment in some form or another through 2002.

The developer will use the loan to transform the 165,000-square-foot former factory into a multi-purpose facility called the Goggle Works Arts Center . When completed, the regional arts center will contain 39,000 square feet of studio space, more than 21,000 square feet of artist work space, as well as room for offices, retail, and storage and classroom space for the Reading Area Community College . HUD estimates the project will bring 143 new jobs into Reading .

"I am pleased to learn that the Department of Housing and Urban Development is providing the financial assistance needed for the City of Reading to invest in the Dalloz Eyeglass factory," Senator Rick Santorum said. "This loan guarantee will provide resources needed to make capital improvements to the building and strengthen the local economy.  The projects that are benefiting from this funding will ensure that Reading remains a great place to live and do business."

Added Senator Arlen Specter: “This project is going to make a tremendous impact in the Reading area and the lives of its residents. Revitalization of the Dalloz Eyeglass factory will not only add to the cultural and aesthetic enhancement of the area, it will also foster job creation in the region.”