PNC Bank recently announced the $59 million New Markets Tax Credit (NMTC) fund.
The fund will support 13 projects to spur economic activity in seven states, create jobs, revitalize outdated facilities, and expand health and human services in low-income neighborhoods.
Projects include building basketball courts, classrooms, and a health and wellness wing for the Philadelphia Youth Basketball Center; constructing a new 54,000-square-foot warehouse and food distribution center for the Food Bank of the Rockies Western Slope in Grand Junction, Colo.; and construction of the Shasta Community College Leadership Center in Shasta, Calif. Another project creates or retains approximately 100 jobs at Buckeye Business Products in Cleveland.
“This multi-investor New Markets Tax Credit fund will be used to complete a broad range of projects, which will seek to address the most pressing needs in communities across our footprint, such as economic development, food insecurity, and job growth,” David Gibson, PNC Tax Credit Solutions senior vice president and manager of Specialty Tax Credit Investments, said. “We’re thankful to our investors for their confidence in our work and for their ongoing commitment to driving investment in underserved communities.”
Projects have closed in California, Colorado, Georgia, Michigan, New York, Pennsylvania, and Ohio.