Altoona was accepted on Thursday into the Act 47 program for Distressed Municipalities.
Department of Community and Economic Development Secretary C. Alan Walker determined that the city met requirements of being "financially distressed" under the program's provisions.
Walker now has 30 days to appoint a recovery plan coordinator for the city.
"Altoona needs more than a short-term or week-by-week fix from its creditors and obligations; it needs a comprehensive recovery plan that will lay the groundwork for long-term financial solvency," he said.
Mirror reporters are working on a story for Friday's paper.