Flynn brings home $300,000 in tax credits to rehabilitate downtown historic buildings into apartments
SCRANTON, June 18 – State Rep. Marty Flynn, D-Lackawanna, has announced that $300,000 in funding from two tax credits will help convert historic buildings in downtown Scranton into neighborhoods apartments.
“We are revitalizing downtown Scranton by expanding housing options for our residents while preserving the historic architecture of the buildings,” Flynn said. “The economic benefits of revitalization will continue to stimulate the economy.”
Flynn said the projects are designed to rehabilitate the following structures:
Scranton National Bank in Lackawanna Avenue’s Commercial Historic District. The building, which was used as a commercial bank, will continue to serve as a bank but will also include market-rate residential apartments. The cost of the revitalization project is $2 million; the tax credit is for $100,000.
The Stoehr and Fister Building, which is on the National Register, was originally a department store and later used for county government offices. It will be converted to street-level commercial spaces and market-rate residential apartments. The tax credit of $200,000 will be used to leverage funding for the total project cost, estimated to be $3 million.
The Historic Preservation Tax Credit program is administered by the Department of Community & Economic Development and Pennsylvania Historical & Museum Commission. Since 2013, it has invested more than $18 million to rehabilitate 105 historic buildings, leveraging an estimated $1.5 billion in construction expenditures. The investments have helped preserve buildings that contribute to the distinct character of Pennsylvania’s boroughs, townships and cities.