Senator Schwank and Mayor Moran Applaud $700,000 State Investment in Downtown Reading Redevelopment Effort

Reading, Pa. - April 20, 2026 - State Sen. Judy Schwank (D-Berks) and City of Reading Mayor Eddie Moran applauded a $700,000 award through the Pennsylvania Housing Finance Agency's Community Revitalization Fund Program to support the redevelopment of 418 and 422 Penn St. in downtown Reading.

The total cost of the Aston Investment Group-led project is $6.5 million. The development will transform two long-vacant historic buildings into a mixed-use anchor along Penn Street, the city's main commercial corridor.

Upon completion, the project will deliver 12 workforce housing units on the upper floors of the rehabilitated structures. The development will also include approximately 25,000 square feet of flexible commercial space across 11 suites designed to accommodate a range of uses, including professional services, retail, cafes, personal care providers and creative studios.

Schwank called the award a welcome sign of continued progress for Reading's downtown corridor.

"We all understand the value in improving our downtown," Schwank said. "Supporting the folks who see opportunities in the City of Reading and helping them succeed using the tools we have at our disposal at the state and local levels is critical."

Mayor Moran echoed that sentiment, highlighting the project's potential to energize Penn Street and crediting the city staff who helped secure the award.

"This is a great win for the City of Reading and another strong step forward for our downtown," Moran said. "Projects like this help bring long-vacant buildings back to life, add needed housing, and strengthen Penn Street as a commercial corridor. We're thankful to PHFA for this investment, and to Sen. Schwank for her continued support and advocacy for Reading. I also want to recognize our grants team and our Downtown Manager for the work they put in to help make this happen and keep our downtown moving in the right direction."

The developer behind the project, Aston Investment Group, called the funding critical to bringing the Penn Street vision to life.

"On behalf of Aston Investment Group, we are honored to be awarded $700,000 in grant funding from the Pennsylvania Housing Finance Agency. We deeply appreciate the confidence placed in our work and are grateful for the continued support from the City of Reading and our State partners. This funding will play a critical role in bringing our Penn Street project to life. We are excited to use these funds responsibly and create this multipurpose space designed to strengthen the community and deliver meaningful, lasting impact. We are proud to invest in a city we love and call home, and we look forward to sharing our progress as this project moves forward."

The PHFA awarded a total of $4.3 million to six projects across the commonwealth. More information about the projects receiving funding can be found here.

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