PIDC ANNOUNCES A $60 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS
PIDC ANNOUNCES A $60 MILLION ALLOCATION IN
U.S. TREASURY NEW MARKETS TAX CREDITS
PIDC Community Capital is the only Philadelphia organization
to receive allocation in current round of awards
PIDC today 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 120 organizations nationally and the only organization in Philadelphia selected to receive an allocation in this current round. Yesterday, the CDFI Fund announced a total of $7 billion in NMTC allocation aimed at revitalizing low-income communities and increasing economic opportunity nationwide.
This marks PIDC’s fourth award of NMTC allocation for a total of $208 million. To date, PIDC Community Capital has deployed $148 million in 14 development projects with a total project investment of $340 million which have provided essential goods and services, created jobs, and transformed neighborhoods in Philadelphia. PIDC has also attracted $104 million in additional NMTC allocation from 10 partner allocatees.
“This award is a great opportunity for Philadelphia and demonstrates PIDC’s continued investment in the communities that need it most,” said Mayor Jim Kenney. “The $60 million allocation of federal tax credits to PIDC Community Capital will help to create jobs and provide critical investments in low-income neighborhoods.”
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 $148 million in NMTC allocation in 14 projects located in severely distressed census tracks throughout the city. These projects have created, retained, or will create over 1,450 jobs primarily to low income individuals and have developed or rehabilitated nearly 1.1 million square feet of facilities. Some notable past projects include:
- Community Health and Literacy Center First of its kind, integrated service model bringing primary adult and pediatric healthcare, a 21st Century public library, and a recreation center together in a 96,000 square feet single location.
- Oxford Mills: a mixed-use redevelopment of a former factory complex into 36,000 square feet of affordable office space for education and social service nonprofits and affordable living space for teaching professionals.
- Edison Square: the new construction of a 36,000 square foot shopping center at the former Edison Public High School building a 3.6 acre site that was vacant for over 10 years. The shopping center contains an 18,000 square foot grocery store and 18,000 square feet of in-line retail including general merchandise, apparel, and a restaurant.
To learn more about eligibility to apply for New Markets Tax Credits through PIDC, please visit www.pidcphila.com or call 215-496-8020.
About PIDC and PIDC Community Capital
PIDC is Philadelphia’s public-private economic development corporation. A non-profit founded in 1958 by the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Over the last 58 years, PIDC has invested nearly $14 billion of financing and more than 3,100 acres of land sales – which has leveraged over $25 billion in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.
PIDC Community Capital was established as a subsidiary to attract, expand, and deliver additional resources for community investment in Philadelphia’s most underserved areas and was certified as a CDFI by the U.S. Treasury Department in 2012. PIDC Community Capital builds sustainable neighborhoods, revitalizes business corridors, and supports business growth by making investments that create jobs, grow businesses, leverage outside capital, eliminate blight, and provide goods and services to low-income communities throughout Philadelphia. It offers a variety of flexible financing products for small businesses to fund working capital, building acquisition, equipment or improvements.
For more information about PIDC, visit www.PIDCphila.com and follow us @PIDCphila on Twitter.