PIDC CLOSES ON NEW MARKETS TAX CREDIT PROJECT WITH NEWCOURTLAND ELDER SERVICES
PIDC has closed on another New Markets Tax Credit transaction to create the NewCourtland Senior Health Center in North Philadelphia. This transaction will utilize $10 million of the $50 million in New Markets Tax Credit (NMTC) allocation PIDC received in February through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These tax credits are utilized to spur private sector investment in low-income communities across the United States. PIDC is targeting development projects in Philadelphia that support a comprehensive strategy of building sustainable neighborhoods and revitalizing business corridors by attracting investments that create jobs, eliminate blight, stimulate investment and provide goods and services to low-income communities.
New Courtland Senior Health Center:
NewCourtland Elder Services, Inc. and PIDC closed on the first phase of development to occur at the 1900 West Allegheny Avenue site. The proposed project is part of a larger 5-acre underutilized brownfield that formerly housed the Stanley Blacker suit factory. The site was purchased by NewCourtland from the City of Philadelphia through PAID in 2004. This Project is the first phase of a master plan by NewCourtland to redevelop the site into a state of the art senior services campus.
The project will include the new construction of a 15,659 square foot senior healthcare and medical center, to be leased to NewCourtland’s Living Independently For Elders (LIFE) Program. The LIFE center will have adequate program space to accommodate approximately 115 low-income seniors per day, primarily from the surrounding communities of Allegheny West and Tioga. The LIFE Program supports frail seniors with the ability to live in their own home and community for as long as possible. The project is anticipated to create approximately 80 new full-time equivalent jobs.
PIDC is providing a $10 million New Markets Tax Credit allocation for the Medical Center. PNC Bank was the investor purchasing the credits, with NewCourtland providing the balance of the project costs from its own funds. PIDC is also administering a $1,000,000 Commonwealth Redevelopment Assistance Capital Program Grant for the project. The overall development is expected to provide vital services to seniors and contribute greatly to the revitalization of the surrounding community.
For more information on PIDC’s New Markets Tax Credit program, please contact Chamor Hollinger at 215.496.8157 or email@example.com.