Mercer County Housing Authority is taking the last of the $9 million federal grant that built Centennial Place in Farrell and putting the money into an endowment to pay for services in the community.

Authority Executive Director L. DeWitt Boosel Wednesday said the Housing and Urban Development department approved putting $467,000 into a trust through Community Foundation of Western Pennsylvania and Eastern Ohio.

“It’s in good hands for sure,” said authority Vice President Timothy Jablon of the money.

The “Hope in Housing” Foundation should continue to fund services at the housing complex through 2011 or 2012, Boosel said. He said after that they’ll be looking for other ways to continue to pay for such programs that cost $5,000 to $6,000 per month.

The money is to be used for activities like counseling programs that “promote upward mobility, self-sufficiency and improved quality of life,” according to HUD.

Centennial Place service coordinator Tiffany Holden said the authority funds programs for adults and youth, including budgeting, parenting and computer classes, child care and tutoring programs.

Ms. Holden said she’s been helping to provide those services for about five years and “it’s just a pleasure.”

The authority was awarded a Hope IV revitalization grant in 2000 and used the funds to leverage $30 million to tear down the old Steel City Terrace and build new homes, Boosel said.

At that time, the authority board set aside about $1.2 million to deal with social issues in the community, Boosel said. HUD allowed up to 15 percent of the grant to be put toward supportive services and the authority will have used 13 percent after the endowment fund is drained, according to a letter from HUD.

Boosel said that Steel City had the lowest income levels of any authority community and the highest crime rate before it was revitalized.

“We’ve progressed a long way from that,” he said.