WASHINGTON, DC - U.S. Senators Bob Casey and Arlen Specter today announced that the U.S. Department of Treasury has allocated $15 million in tax credits to Reading’s Future, LLC, an entity of Boscov’s Department Store, LLC, for community and economic development.
“I’m pleased that Reading’s Future is receiving tax credits so it can continue its economic and community development work on behalf of the people of Berks County,” said Senator Casey. “The work done by Reading’s Future is a shining example of the way a business like Boscov’s Department Store can give back to the community.”
“I am glad to see that Reading’s Future, an invaluable resource to the community, has been awarded these tax credits,” Senator Specter said. “The ability of Reading’s Future to promote job growth and economic development will serve as an example to both the region and the state.”
“I want to thank Senator Casey, Senator Specter, and Secretary Geithner for awarding this money for Reading's Future. Our goal has been to help bring back depressed areas, create jobs and drive the imaginations of the community to accept a new and exciting city. I am grateful for their help in creating projects that make us all proud,” said Al Boscov, Chairman of Boscov’s Department Store.
Reading’s Future, LLC works to improve low-income communities and reduce unemployment. Reading’s Future, LLC targets its activities in its local service area by providing loan products and equity investments in its financing of construction, rehabilitation and/or acquisition of industrial and commercial projects, as well as community benefit and cultural projects and for-sale housing.
Reading’s Future, LLC is a Community Development Entity (CDE) that has been selected to receive an allocation of tax credits under the New Markets Tax Credit Program (NMTC) administered by the U.S. Department of Treasury’s Community Development Financial Institutions Fund. The NMTC Program allocates tax credits to CDEs that make investments in low-income communities. Reading’s Future, LLC is one of 99 CDEs selected to receive an aggregate total of $5 billion under the 2009 round of the program.