Longietti: $11,000 in tax credits to continue blight removal efforts in Sharon
HERMITAGE, Dec. 8 – Tax credits of $11,000 under the Neighborhood Assistance Program will leverage investments to fight blight in Sharon, state Rep. Mark Longietti, D-Mercer, announced today.
Longietti said the new tax credits will continue a promising program that was launched last year.
“Blight has been a major obstacle to economic growth and development in Sharon,” Longietti said. “The ‘Lots to Love’ program has seen tremendous success in its first year and has been an effective strategy for stabilizing neighborhoods that have been marked by blight. This year’s tax credit award will build on the tax credit support that helped launch the program last year and allow more properties to be repurposed.
“This is a 55% tax credit program, so the $11,000 in tax credits awarded to First National Bank of Pennsylvania will leverage a donation of $20,000 from First National Bank to Community Action Partnership. That funding will allow project participants to repurpose vacant properties which have been cleared of blighted structures and turn them into side lots for adjacent homeowners, community gardens, pocket parks and other beneficial uses.
“Shenango Valley Chamber of Commerce and other participating groups have been providing terrific assistance, as well. I’m encouraged that our partnerships and these ongoing investments will bring the changes needed to attract businesses and spur economic progress.”
The tax credits are part of a package of $36 million approved through NAP to support 214 community revitalization projects across the commonwealth. More information about the funding statewide is available here.
The NAP program is designed to encourage investment in distressed communities by providing tax credits to businesses that donate capital. The program can be used for projects such as affordable housing, education, charitable food, crime prevention and other long-term community revitalization.
This year, the program also provided for COVID-19 and social justice related assistance.