May 8, 2014
On May 20, 2014, PIDC in partnership with Ballard Spahr, CohnReznic, PNC and Seawall Development Company will bring you an opportunity to learn more about the New Markets Tax Credit (NMTC) program and how you can position your project to take advantage of this financing. Get first hand perspective from CDEs, developers, investors, and lawyers who have successfully used NMTC in projects.
The New Markets Tax Credit (NMTC) program is a federal tax credit program designed to generate private-sector capital investment in low-income areas. The program permits individual and corporate taxpayers to receive credit against their federal income taxes for making qualified equity investments in projects that finance community development, stimulate economic growth, and create jobs. PIDC has participated in several NMTC projects which have supported health, social, and educational services. One example project is NewCourtland’s Life Allegheny Center located in the Allegheny West neighborhood of
Philadelphia which recently celebrated their Grand Opening. The NewCourtland LIFE program provides a broad range of healthcare and supportive services to seniors with a focus on keeping them in their own homes and communities. The Life Allegheny Center project included a $10 million NMTC allocation from PIDC.
We encourage developers and investors to attend this workshop and learn how you can continue to develop Philadelphia’s neighborhoods. Join our expert panelist as they present specific case studies, along with an interactive Q & A.
Tuesday, May 20, 2014
PNC Bank-in the Great Hall
1600 Market Street
Philadelphia, PA 19103
*A continental breakfast will be provided
Jonathan Ades, CohnReznick
Scott Cockerham, Ballard Spahr
Kayla Gross, CohnReznick
Lawarence McComie, PIDC
Thibault Manekin, Seawall Development Corporation
Ryanne Shuey, The PNC Financial Services Group
Wedny Weiss, PIDC