All of these transformational projects have utilized New Markets Tax Credits (NMTC) from PIDC to finance the projects. The New Markets Tax Credits Program, administered by the CDFI Fund, helps economically distressed communities attract private investment capital by providing investors with a federal tax credit. This summer, PIDC’s CDFI subsidiary, PIDC Community Capital, was awarded $45 million in New Markets Tax Credit allocation. This marks PIDC’s sixth award of New Markets Tax Credits allocation for a total of $313 million.
To date, PIDC has deployed $263 million in New Markets Tax Credits leveraging $811 million in total project investments in businesses or development projects which provide essential goods and services, create jobs, and transform neighborhoods in Philadelphia.