The US Treasury will funnel $50 million in federal New Markets tax break credits to the Philadelphia Industrial Development Corp.'s Regional Development Corp. to stimulate private investment in city development projects, the Treasury Department said today. PIDC is a joint venture of the city and the regional chamber of commerce, a private business group.
Treasury also allocated $70 million to PNC Community Partners Inc. and $42 million to the Reinvestment Fund (TRF), both of which are active subsidizing development and business projects in Philadelphia and other markets.
UPDATE: US Rep. Chaka Fattah, D-Phila, supported the PIDC and TRF applications. As Mayor Nutter noted in announcing the deal, PIDC got a previous $60 million award under the program back in 2007; TRF got $75 million in 2006, again in 2008, and $90 million in 2010. The tax grants through TRF subsidized, among other developments, the ShopRite in Southwest Philadelphia on Island Ave., developer Bart Blatstein's Avenue North project near Temple University, the Hub development near the University of Pennsylvania campus, the Progress Plaza updates in North Philadelphia, and a project on Hancock Square. PIDC used the money for projects like Homewood Suites' Philadelphia hotel, says Fattah spokesman Ron Goldwyn.