Sainato: $260,000 in tax credits awarded to boost New Castle revitalization projects
Will leverage investments in projects to fight blight, expand access to food, housing
NEW CASTLE, Nov. 9 – Funding from $260,000 in tax credits will leverage investments in New Castle projects to combat blight, improve neighborhood security, assist residents with renovations and expand access to affordable housing and fresh food, state Rep. Chris Sainato, D-Lawrence, announced.
Sainato said the tax credits – which include $180,000 to 10,000 Friends of Pennsylvania and $80,000 to DON Enterprises Inc. – were awarded under the Neighborhood Assistance Program to help revitalize aging, distressed areas and tackle the problems they can pose for residents.
“Aging homes pose very real challenges for New Castle residents contending with costly repairs, while distressed areas can bring down property values, discourage growth and invite crime,” Sainato said. “The tax credit funding awarded today will attack those issues by leveraging investments in projects to fight blight, help residents with home renovations, enhance neighborhood security, combat food insecurity, expand access to affordable housing and create other opportunities for residents who are building back.”
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.
More about the tax credits is available here.