The Urban Redevelopment Authority of Pittsburgh (URA) announced Thursday that Pittsburgh Urban Initiatives had been awarded $50 million in New Market Tax Credits to spur economic development in the region.
The New Markets Tax Credit Program (NMTC Program) funding, from the U.S. Treasury Department, helps economically distressed communities attract private investment capital by providing critical funding that can fill funding gaps. Communities not only get jobs associated with these investments, but also gain greater access to public facilities, goods and services the projects provide.
PUI is one of 100 entities across the country that will receive the competitive funding, and one of only 16 entities receiving the funding that serves local markets.
“I’d like to congratulate PUI on securing yet another NMTC allocation as this will bring another $50 million to invest directly into our communities and support revitalization in city neighborhoods,” Mayor William Peduto said.
Over the past decade, PUI has received $238 million in NMTC allocation across seven awards. Previous tax credit awards have helped finance developments like, the East End Cooperative Ministry’s Community House, the Energy Innovation Center, Wood Street Commons, and affordable housing in Garfield and East Liberty. The projects have created more than 3,790 permanent jobs, 3,066 construction jobs, and over half a billion dollars in total project costs.
The additional $50 million will fund projects in PUI’s pipeline, the organization said, creating more jobs and opportunities for Pittsburgh communities.
“This NMTC allocation will allow the URA to continue investing in projects that create community benefit through jobs, improved access to commercial services such as fresh food, and much needed affordable for-sale housing,” URA Executive Director Greg Flisram said. “I applaud PUI President Rebecca Davidson-Wagner, and our consultant team, Affirmative Investments, on their successful track record of attracting private capital to benefit low-income communities in our city.”