PIDC ANNOUNCES A $60 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS

  PIDC ANNOUNCES A $60 MILLION ALLOCATION IN U.S. TREASURY NEW MARKETS TAX CREDITS PIDC Community Capital is the only Philadelphia organization to receive allocation in current round of awards PIDC today 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

DNC IN PHILADELPHIA CREATES OPPORTUNITIES FOR LOCAL BUSINESSES

Being the host city for the Democratic National Convention in 2016 has created opportunities for many local businesses. The Philadelphia 2016 Host Committee is committed to diversity and inclusion in the vendors and contractors participating the DNC. Of the $150 million already spent by the committee, most of the money has gone to local businesses

Community Health and Literacy Center Grand Opening

On May 9th, 2016 The Children’s Hospital of Philadelphia (CHOP), The City of Philadelphia, PIDC, and other partners celebrated the grand opening of the 96,000 square foot, LEED-certified Community Health and Literacy Center. This $42.5 million project is the first of its kind with a joint venture between the City of Philadelphia, CHOP, & the

CHILDREN’S HOSPITAL OF PHILADELPHIA TO DEVELOP COMMUNITY HEALTH & LITERACY CENTER

  On October 30, 2014, the Children’s Hospital of Philadelphia (CHOP) closed on New Markets Tax Credit (NMTC) financing with PIDC, Chase Community Equity LLC, Chase New Markets Corporation, City First Bank of D.C., and Commonwealth Cornerstone Group to develop the Community Health & Literacy Center located at 1700 South Broad Street in the Newbold section of

POSITIONING YOUR PROJECT FOR NEW MARKETS TAX CREDITS

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.

PIDC INVESTS IN THE CENTER FOR THE URBAN CHILD

On June 20, 2013, St. Christopher’s Hospital for Children, PIDC and Bank of America Community Development Corporation closed on $15 million of New Markets Tax Credit financing to develop the Center for the Urban Child (the “Center”) in the Feltonville/Juniata Park Community of Philadelphia.

NEW MARKET TAX CREDIT PROJECT OXFORD MILLS, WELL UNDER WAY

In October 2012, PIDC closed on a New Markets Tax Credit (NMTC) financing for the adaptive reuse of a former factory complex in the South Kensington neighborhood of Philadelphia.  Oxford Mills is a $37.8 million mixed-use project that will develop 114 apartments marketed primarily to Philadelphia’s public school teachers, 38,000 square feet of office space

PIDC AWARDED $50 MILLION IN NEW MARKETS TAX CREDITS

Mayor Michael A. Nutter and PIDC president John Grady recently announced that PIDC received $50 million in New Market Tax Credits (NMTC) through the U.S. Treasury Department’s Community Development Financial Institutions (CDFI) Fund. These federal tax credits are utilized to spur private sector investment in targeted neighborhoods throughout the country. Nationally, the U.S. Treasury Department