Fattah, Nutter Announce $50 Million in PIDC Tax Credits

PHILADELPHIA, Feb. 23, 2012 /PRNewswire-USNewswire/ -- Congressman Chaka Fattah (D-PA), a senior member of the House Appropriations Committee, today joined Philadelphia Mayor Michael Nutter in announcing the allocation of $50 million in real estate tax credits by the U.S. Treasury to the Philadelphia Industrial Development Corporation.

In addition, Fattah announced $41,919,753 in real estate tax credits for the Philadelphia-based Reinvestment Fund Inc., to continue its cutting edge development efforts across Pennsylvania, six other states and the District of Columbia. The Reinvestment Fund's projects in Philadelphia have included inner city supermarkets in so-called "food deserts."

Fattah noted that PIDC has invested in poor and distressed neighborhoods in the city.

"This $50 million investment in Philadelphia is vital to the city's economic health and resurgence," Fattah said. "Placing these New Markets Tax Credits in the hands of the Philadelphia Industrial Development Corporation is wise and welcome.

"I have been an advocate for PIDC throughout my career in Congress, and wrote to Treasury Secretary Timothy Geithner last fall urging his approval of the agency's request. PIDC has a history of success with these resources. Today's allocation will help it to continue this critical work," Fattah said.

The tax credits to PIDC and The Reinvestment Fund are part of $3.6 billion distributed nationally today by the U.S. Department of Treasury under the New Markets Tax Credits (NMTC) Program. Treasury officials made the national announcement in New Orleans and Mayor Nutter held a press conference at City Hall to focus on the Philadelphia allotment.

Congress established the NMTC in 2000, a program that provides federal income tax credits for individuals and corporations that will help them leverage grants and other funds for equity investments in community development.

Fattah, in his Oct. 31 letter to Secretary Geithner supporting PIDC's application, cited its use of previous New Markets credits for advancing "four projects located in highly distressed census tracts in Philadelphia."            

"Enhanced private investment as a result of New Markets Tax Credits will allow PIDC to support additional economic development projects that would generate new jobs, goods and services critical to reinvigorating Philadelphia's low income communities," Fattah wrote.

SOURCE Office of Congressman Chaka Fattah

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