Costa applauds more than $800,000 secured in state tax credits for community improvement projects
HARRISBURG, Dec. 22 – State Rep. Paul Costa, D-Allegheny, is commending Gov. Tom Wolf for approving more than $800,000 in state tax credits to encourage area businesses and organizations to invest in projects to improve the community.
“These tax credits are crucial to the success of our neighborhoods,” Costa said. “Offering businesses an incentive to invest in our community gives us the best opportunity to strengthen the struggling areas, attract more residents, and ultimately grow our local economy.”
The tax credits were awarded by the state Department of Community and Economic Development’s Neighborhood Partnership Program (NPP), Special Program Priorities (SPP), and Charitable Food Program (CFP), all of which are part of the Neighborhood Assistance Program (NAP) that is geared towards helping distressed areas.
Costa said a $160,000 tax credit given through the NPP will be used by the Mon Valley Initiative to assist more than 500 people, primarily low-income, in Braddock by first upgrading access to new and improved programming at the Braddock Carnegie Library and adding new commercial and residential properties in year one. In year two, the plan is to:
Increase the average home sale value from $17,500 to $35,000; and
Reduce the residential vacancy rate while increasing homeownership.
Rebuilding Together Pittsburgh was granted a $131,250 tax credit through the SPP to buy and rehab vacant properties before selling them to income-qualified buyers in Braddock Hills.
The Greater Pittsburgh Community Food Bank, which collaborates with and assists regional food banks, also was awarded a $515,000 tax credit through CFP to help it meet the growing demand for services throughout southwestern Pennsylvania.
“This funding not only helps provide affordable housing but assists in making sure the community is adequately fed,” Costa explained.
Overall, $17.9 million in funding was approved to support 125 community projects across the state.