By Mike DeNardo

PHILADELPHIA (CBS) — What’s old is becoming new in the Philadelphia School District, thanks to a major investment from the Philadelphia Housing Authority.

The Philadelphia Housing Authority is buying and renovating the closed Vaux High School, with the intention of reopening it in the fall.

The school will be district-run, but managed by Big Picture Learning, an education company that already runs an alternative high school in the city.

PHA executive director Kelvin Jeremiah says providing a new school in the Sharswood section of North Philadelphia fits in with the Authority’s mission.

“We are investing heavily in the neighborhood, and I’ve yet to meet anyone who chooses to live in a community without educational facilities that help children grow and become productive citizens,” Jeremiah said.

PHA is buying the old Vaux High for $2 million, committing up to $15 million for renovations, and pledging to provide an annual subsidy of $500 per student. The school will be staffed by teachers represented by the Philadelphia Federation of Teachers.