WASHINGTON, DC - U.S. Senators Bob Casey and Arlen Specter today announced that the U.S. Department of the Treasury has allocated $4 million in tax credits to the Northside Community Development Fund (Northside Fund).
“I’m pleased that the Northside Fund is receiving tax credits so it can continue its economic and community development work on behalf of the people of Pittsburgh,” said Senator Casey. “The work done by the Northside Fund is a shining example of the way an organization can have broad, positive influences in its community.”
“I am glad to see the Northside Fund, an invaluable resource to the community, has been awarded these tax credits,” Senator Specter said. “The work of the Northside Fund will make housing affordable and promote economic opportunities in Allegheny County.”
The Northside Fund will use its allocation to provide flexible, low-cost debt and equity for businesses engaged in the production of housing, retail and office space in Pittsburgh. Collaborating with several Northside neighborhoods, the Northside Fund has identified projects which will provide a broad range of community benefits, such as wealth creation, increased purchasing power and crime reduction.
The Northside Fund 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 the Treasury’s Community Development Financial Institutions Fund. The NMTC Program allocates tax credits to CDEs that make investments in low-income communities. The Northside Fund is one of 99 CDEs selected to receive an aggregate total of $5 billion under the 2009 round of the program.