PIDC Announces It Has Received A $55 Million Allocation In Federal New Markets Tax Credits

by PIDC
September 19, 2024

Categories: Press Release,

Explore Categories

The 9th award for PIDC Community Capital for a total of $473 million in New Markets Tax Credit allocations over 16 years

For Immediate Release:
September 19, 2024

Contact:
Kevin Lessard, PIDC
SVP, Marketing Communications & Government Affairs
215.496.8161

Today, PIDC—Philadelphia’s public-private economic development corporation—announced its CDFI subsidiary, PIDC Community Capital, was awarded $55 million in New Markets Tax Credit (NMTC) allocation from the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund). A highly competitive program, PIDC Community Capital was one of 104 organizations nationally selected to receive an allocation in this current round. The CDFI Fund announced a total of $5 billion in NMTC allocation aimed at spurring investment and economic growth in low-income urban and rural communities nationwide.

This marks PIDC’s 9th award of NMTC allocation for a total of $473 million. To date, PIDC Community Capital has deployed $388 million in 52 development projects with a total project investment of $1.1 billion, which have provided essential goods and services, created jobs, and brought needed services and amenities, positively transforming neighborhoods across Philadelphia, with a focus on severely distressed census tracts. These projects have, or will, create and retain more than 5,300 jobs and have developed or rehabilitated multiple facilities.

“We are incredibly proud to have earned this $55 million allocation and excited about the opportunity it creates for us to bring transformative projects to life across Philadelphia,” said Jodie L. Harris, president of PIDC. “Just 14 percent of the awards went to organizations serving only a local market and PIDC Community Capital is thrilled to have been selected among that group. PIDC is one of three Community Development Entities (CDEs) across the Commonwealth to receive an allocation and this award will allow our dedicated team to deliver much-needed jobs, goods, and services to historically under-invested areas, creating lasting economic growth and driving our vision of a more inclusive, equitable, and prosperous city for all residents.”

The NMTC Program helps economically distressed communities attract private investment capital. This federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in a wide array of industries. Communities also benefit from greater access to housing and public facilities. Some notable recent projects include:

ACANA Africa Center – ACANA, the African Cultural Alliance of North America, serves African and Caribbean immigrants by providing access to social and legal services, community development programs, health services, organizing African arts and culture events, and an array of many other services. The nonprofit recently started construction of the Africa Center, a social services and retail hub, and location of ACANA’s new headquarters at 55th Street and Chester Avenue. PIDC, along with additional partner organizations, helped ACANA secure funding from public and private institutions totaling $22 million to bring the Africa Center to life.

Weavers Way Co-Op – With $4 million in NMTC allocation from PIDC to support the full $8.95 million project, Weavers Way Co-op recently expanded into the Germantown neighborhood, providing fresh food and improving access to healthy and local foods in a high-poverty area. This natural food store will help revitalize the Chelten Avenue commercial corridor and provide jobs for local residents.

SUPRA | EMSCO – SUPRA and EMSCO are Black-owned office and medical supply companies that constructed a new 70,000 SF headquarters featuring office and advanced warehouse space on land acquired from PIDC at 4801 W. Jefferson St. The new HQ will triple their former space and allow SUPRA | EMSCO to hire 50 new employees. PIDC allocated $16 million, one of our largest allocations in history, to support the $21 million project.

Philadelphia Youth Basketball (PYB) – Located at 4250 Wissahickon Ave, PYB is the renovation of a 97,975 SF warehouse to house PYB’s basketball-based youth development center serving over 6,000 youth per year with multiple courts, classrooms, locker rooms, a food commissary, and areas dedicated to civic engagement, health & wellness, and financial literacy. PIDC contributed a $13 million allocation to the $28 million project.

To learn more about eligibility for New Markets Tax Credits through PIDC, email or call 215.496.8020.


ABOUT PIDC AND PIDC COMMUNITY CAPITAL

PIDC is Philadelphia’s city-wide, public-private economic development corporation. A non-profit founded in 1958 as a partnership of the City of Philadelphia and the Greater Philadelphia Chamber of Commerce, PIDC’s mission is to spur investment, support business growth, and foster developments that create jobs, revitalize neighborhoods, and drive growth to every corner of Philadelphia. Over the past 65+ years, PIDC has settled over 13,300 transactions with a diverse range of clients—including more than $19.5 billion of financing and 3,400 acres of land sales—which have leveraged tens of billions of dollars in total investment and assisted in retaining and creating hundreds of thousands of jobs in Philadelphia.

PIDC Community Capital was established as a subsidiary to attract, expand, and deliver additional resources for community investment in Philadelphia’s most underserved areas and was certified as a CDFI by the U.S. Treasury Department in 2012. PIDC Community Capital builds sustainable neighborhoods, revitalizes business corridors, and supports business growth by making investments that create jobs, grow businesses, leverage outside capital, and provide goods and services to low-income communities throughout Philadelphia. It offers a variety of flexible financing products for small businesses to fund working capital, building acquisition, equipment, or improvements.

###

Explore Categories