Bullock announces $800,000 in tax credits for community revitalization
PHILADELPHIA, Oct. 15 – State Rep. Donna Bullock, D-Phila., announced that two local developers will each receive a $400,000 tax credit to attract additional investment to Philadelphia communities.
Bullock said that Mosaic Development Partners and MM Partners/Fairmount Community Development Corp. are both pioneers in revitalizing communities while encouraging positive change in Philadelphia.
“At this point in history there is a unique window to address our communities’ immediate needs, but also to focus on long-term solutions. I thank Governor Wolf’s administration for these tax credits. They will help us seize the opportunity to continue building a more vibrant economy and creating employment, strong businesses and stable housing markets. This translates into a big boost for the Girard Avenue and Ridge Avenue business corridors,” Bullock said.
The funding was raised through the sale of tax credits under the Mixed-Use Development Tax Credit Program, the proceeds of which are being used to fund the work of the Community Revitalization Fund Program. The goal of that program is to stimulate high-impact neighborhood revitalization projects around the state.
The Community Revitalization Fund Program seeks to expand or rehabilitate affordable housing stock coupled with retail/commercial space to promote community revitalization, especially in those parts of the state that are struggling economically. The term “mixed-use” for these projects refers to buildings that combine both commercial/retail and residential space.