Celesta Financial Corp. awarded 12.1 million in tax credits to develop affordable housing in Beaver County, Pa

Business Wire, Sept 14, 1995

ORLANDO, Fla.--(BUSINESS WIRE)--Sept. 14, 1995--Celesta Financial Corp. (CFC) (NASDAQ OTC BB:CSTA) announced that it has been awarded a Ten Year Reservation of $12.1 million in Low Income Housing Tax Credits from the Pennsylvania Housing Finance Agency.

Celesta Financial Corp. will joint venture under a partnership arrangement in developing a single family rental community consisting of 100 single family homes to be located in Beaver County, Pa. "This development is a prime example of how a supportive community benefits its' citizens, by assisting in the creation of quality of affordable housing," said Mr. Wyzisk. "We are currently negotiating with numerous perspective joint venture partners. These include fortune 100 companies in the Insurance, Utility, and Financial Service sectors in addition to a west coast syndication group." Commencement of construction is anticipated by February 1996.

CFC is also pleased to announce that it is joint venturing with Picerne Development Corp. two newly awarded 1995 South Carolina Tax Credit projects. These two projects represent a total award of $13.5 million in tax credits, encompassing an aggregate of 183 units.

As a result of the complexities of the Low Income Housing Tax Credit Program, CFC and Picerne are currently forming Celesta Picerne Management (CPM), a joint venture property management group. This joint venture incorporates CFC's compliance expertise and Picerne's proven property management capabilities. Picerne currently manages a portfolio of 17,000 residential units nationally.

Celesta Financial Corp. is an emerging financial services company specializing in the development of single family affordable housing communities, pursuant to the LIHTC Program.

CONTACT: Celesta Financial Corp., Orlando

Helmuth Wyzisk, 407/740-8041