WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) today announced that two community development organizations in Philadelphia will receive over $91 million in tax credits to encourage investments in real estate projects in low-income communities to spur job creation and economic development.
“These tax credits will create jobs and generate goods and services critical to reinvigorating Philadelphia’s communities,” said Senator Casey. “I have long supported this program because of its proven track record of bringing jobs to Pennsylvania communities facing economic challenges.”
PIDC – Regional Development Corporation will receive $50 million in tax credits and The Reinvestment Fund, Inc. (TRF) will receive over $41.9 million in tax credits for real estate financing.
Funding is available through the Treasury Department’s New Markets Tax Credit Program.
Senator Casey has supported the program in numerous meetings with and letters to Treasury Secretary Timothy Geithner, and Senator Casey specifically highlighted the success of PIDC and TRF with the Secretary in a push for Pennsylvania organizations to receive support through the program.
Senator Casey sent a letter supporting PIDC’s application for an allocation of New Markets Tax Credits in a letter to Secretary Geithner last December.
The New Markets Tax Credit Program was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. The New Markets Tax Credit Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs).