Pittsburgh Urban Initiatives, a Community Development Entity certified company, was recently awarded $60 million in New Markets Tax Credits.
“The NMTC program has attracted significant capital to community-based projects around Pittsburgh,” Rebecca Davidson-Wagner, Pittsburgh Urban Initiatives president, said. “This award, along with those received by our community development partners nationwide, will drive additional investment for the communities that need it most.”
Pittsburgh Urban Initiatives is an Urban Redevelopment Authority of Pittsburgh affiliate. It strategically invests in office, retail, mixed-use, and community facility developments in low income communities. Communities benefit from the jobs associated with these investments and greater access to public facilities, goods, and services.
The company has received $238 million in New Markets Tax Credits to date that have been used to invest $802 million in projects. A total of $62 million was raised in equity, and 3,397 construction jobs and 3,873 permanent jobs were created.
Investments have supported the childcare, education, energy, food and beverage, health, housing, manufacturing, retail, and technology industries.
Completed projects include $8 million to build or renovate houses the Lawrenceville, Polish Hill, Garfield, Hazelwood, Fineview, and Troy Hill neighborhoods and $6 million to build a academic and athletic facility in the Larimer neighborhood.