PIDC announced its CDFI subsidiary, PIDC Community Capital, was awarded $60 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. PIDC Community Capital was one of 73 organizations nationally selected to receive an allocation in this current round. Today, the CDFI Fund announced a total of $3.5 billion in NMTC allocation aimed at revitalizing low-income communities and increasing economic opportunity nationwide.
This marks PIDC’s fifth award of NMTC allocation for a total of $268 million. To date, PIDC Community Capital has deployed $202 million in 20 development projects with a total project investment of $573 million which have provided essential goods and services, created jobs, and transformed neighborhoods in Philadelphia. PIDC has also attracted $182 million in additional NMTC allocation from 13 partner allocatees.
The New Markets Tax Credit Program administered by the CDFI Fund helps economically distressed communities attract private investment capital by providing investors with a federal tax credit. Investments made through the New Markets Tax Credit Program are used to finance businesses and real estate projects to reinvigorate struggling local economies
“We are delighted to have been selected again for an allocation of credits through this highly competitive application process,” said John Grady, President of PIDC. “We have seen the transformational impact New Markets Tax Credit projects can have and this new allocation will allow us to support new projects creating jobs and providing needed goods and services for Philadelphia’s low income communities. We congratulate our fellow awardees, and look forward to partnering with them on impactful projects in the future.”
PIDC has deployed $202 million in NMTC allocation in 20 projects located in severely distressed census tracks throughout the city. These projects have created, retained, or will create over 2,705 jobs primarily to low income individuals and have developed or rehabilitated nearly 1.8 million square feet of facilities. Some notable past projects include:
Community Partnership School: is the rehabilitation of an existing 62,454 square foot, 2-story industrial building into an approximately 55,000 square foot independent elementary school with traditional classrooms, a gymnasium, dining area, art room, and an outdoor play area that anticipates increasing student enrollment from 110 to 220, of which 100% is expected to qualify for free or reduced lunch, a minimum of 80% of whom are Low-Income Persons and/or neighborhood residents.
Rhoads Industries Inc.: is the rehabilitation of a 99 year old, historic, 1-story, 320,000 square foot manufacturing building located at the Philadelphia Navy Yard.
New Market West: a partnership of Mission First, Horizon House, and ACHIEVEability, the project is the new construction of a 4-story mixed-use, transit-oriented building on a vacant parcel in West Philadelphia.
To learn more about eligibility to apply for New Markets Tax Credits through PIDC, please visit www.pidcphila.com or call 215-496-8020.