Client Stories
March 17, 2023
Client Feature: H&Mcare Breaks Ground on $13M Project for Home Care Support Services
Last month, PIDC client H&Mcare – a Black- and immigrant-owned home care support services business – celebrated a groundbreaking at 71st and Woodland Streets in Southwest Philadelphia. The $13 million project will provide critical services for the community, including housing to more than 22 individuals over the age of 65, an urgent care, a pharmacy, and residential
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October 28, 2022
PIDC ANNOUNCES A $45 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS
CONTACT: Jazmund Walker, PIDC Marketing Communications Manager 215.496.8199 The 8th award for PIDC Community Capital for a total of $418 million in New Markets Tax Credit allocations over 14 years PHILADELPHIA (October 28, 2022) – Today, PIDC announced its CDFI subsidiary, PIDC Community Capital, was awarded $45 million in New Markets Tax Credit (NMTC)
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September 2, 2021
PIDC ANNOUNCES A $60 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS
The 7th award for PIDC Community Capital for a total of $373 million in New Markets Tax Credit allocations over 13 years PHILADELPHIA (September 2, 2021) – Today, PIDC announced its CDFI subsidiary, PIDC Community Capital, was awarded $60 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial
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May 24, 2021
Powel & SLA-MS
In December 2019, Drexel University and the School District of Philadelphia held a groundbreaking ceremony to celebrate the new construction of a 2-story 90,000 square foot school building in the Powelton section of Philadelphia, a federally designated Promise Zone with a poverty rate of 48%. Fast-forward to 2021, and the construction project is now complete,
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January 14, 2021
SUPRA | EMSCO ACQUIRES 9.6 ACRES FROM PIDC TO CONSTRUCT NEW HEADQUARTERS IN WEST PARKSIDE
SUPRA | EMSCO ACQUIRES 9.6 ACRES FROM PIDC TO CONSTRUCT NEW HEADQUARTERS IN WEST PARKSIDE The $20.3M project includes one of the largest allocations of New Markets Tax Credits in PIDC’s history and the largest allocation PIDC has committed to any project within the last 10 years. PHILADELPHIA, PA (January 13, 2021) – SUPRA |
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December 17, 2020
RESTART Update: New Markets Tax Credits
Working in partnership with the City of Philadelphia Department of Commerce, the Chamber of Commerce for Greater Philadelphia, and Philadelphia Works, we have jointly identified four phases of work to drive an equitable economic recovery in Philadelphia: [/av_textblock] [/av_one_full] [av_one_fourth first min_height=” vertical_alignment=” space=” custom_margin=” margin=’0px’ padding=’0px’ border=” border_color=” radius=’0px’ background_color=” src=” background_position=’top left’ background_repeat=’no-repeat’
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January 29, 2020
The Clay Studio Breaks Ground on New Facility
The groundbreaking is a culmination of a $13.7 million capital campaign, which was supported by an allocation of New Markets Tax Credits from PIDC. In this project, PIDC joins lending partners Local Initiatives Support Corporation (Philadelphia), Reinvestment Fund, and Wells Fargo. The new facility at 1425 N. American St. is a milestone for the nearly
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December 19, 2019
Groundbreakings & Ribbon Cuttings
Some of PIDC’s spectacular neighborhood projects have recently cut the ribbons and celebrated opening their doors. Here are a few notable projects that have either renovated their current location or opened at an entirely new location. Community Partnership School is now in its 14th year of providing high quality and affordable early childhood and elementary
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June 28, 2019
Mosaic Development Partners
Minority Business Enterprise development firm, Mosaic Development Partners, run by Leslie Smallwood-Lewis and partner, Gregory Reaves, has been a long-standing client of PIDC. As a Philadelphia-based real estate development company that identifies real estate projects with the potential to bring positive change to a community, Mosaic Development Partners has worked with PIDC on various projects
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May 23, 2019
PIDC Announces a $45 Million Allocation in U.S. Treasury New Markets Tax Credits
The sixth award for PIDC Community Capital for a total of $313 million in New Markets Tax Credit allocations over eleven years PHILADELPHIA (May 23, 2019) – PIDC today announced its CDFI subsidiary, PIDC Community Capital, was awarded $45 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial Institutions
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April 27, 2019
PIDC IMPACT DEVELOPMENT ADVISORY COMMITTEE
For nearly two years, PIDC has been working with a 100+ member Advisory Committee on Impact Development that includes for-profit and nonprofit developers, community development organizations, bankers, investors, philanthropic leaders, and city officials. The committee plays an important role in helping PIDC to understand challenges, gaps, and opportunities for impactful real estate projects so that
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February 27, 2019
PIDC LOANS SUPPORT NEIGHBORHOOD IMPACT AND DEVELOPMENT
Over the past three years, PIDC has created two new loan products to spur impact commercial revitalization in Philadelphia’s low income communities. The Impact Development Fund, established in April of 2018, is an innovative use of New Markets Tax Credits that finances neighborhood development projects and operating businesses in communities often overlooked by lenders. The
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November 1, 2018
OXFORD MILLS
Located in South Kensington, Oxford Mills, is a $38 million mixed use project that transformed an abandoned factory into affordable living space for teachers and office space for educational non-profit organizations. The fully renovated building now houses offices for Teach for America, a national teacher corps of recent college graduates who strive to effect change
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August 6, 2018
DORNSIFE CENTER
Located between the Mantua and Powelton Village neighborhoods of West Philadelphia, the Dana and David Dornsife Center for Neighborhood Partnerships is the cornerstone of Drexel University’s commitment to civic engagement. The Dornsife Center fosters creative collaboration between Drexel’s faculty, staff and students, and the surrounding community. Programming at the Dornsife Center is driven by a
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August 6, 2018
COMMUNITY HEALTH & LITERACY CENTER
Situated on the corner of Broad and Morris Streets in South Philadelphia is the Community Health and Literacy Center. Opened in 2016, the Community Health and Literacy Center is the product of a partnership between the Children’s Hospital of Philadelphia (CHOP), the City of Philadelphia, PIDC, the Free Library of Philadelphia, and others. This project
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June 27, 2018
ULI EXCELLENCE AWARDS 2018
Urban Land Institute (ULI) Philadelphia hosted its Awards for Excellence 2018 in June to celebrate all aspects of development and land use in addition to recognizing superior projects completed in the region within the last five years. Winners were announced at a celebration featuring Inga Saffron, Pulitzer-Prize- winning Architectural Critic for the Philadelphia Inquirer. The
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April 30, 2018
PIDC ANNOUNCES $6M IMPACT DEVELOPMENT FUND FOR PHILADELPHIA
PIDC, Philadelphia’s public-private economic development corporation, today announced the launch of a new $6 million Impact Development Fund to support commercial, industrial, and mixed-use development in neighborhoods and commercial corridors throughout Philadelphia. PIDC’s Impact Development Fund provides new capital for neighborhood-based development, driving revitalization in communities that can often be overlooked by traditional lenders and
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March 30, 2018
NEW MARKET WEST PROJECT BREAKS GROUND
On February 16, Mission First Housing Group, Horizon House, and ACHIEVEability hosted a groundbreaking ceremony at the site of their newest development, 5901 Market Street, “New Market West”. The ceremony was attended by both city and state officials, as well as leadership from the partnering organization. PIDC is proud to be one of the funding
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