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