Sainato: $305,000 in tax credits to spur investment in Lawrence County revitalization projects
NEW CASTLE, Dec. 8 – Tax credits totaling $305,000 approved under the Neighborhood Assistance Program will spur investment in projects to clear blight and rehabilitate distressed areas of Lawrence County, state Rep. Chris Sainato, D-Lawrence, announced today.
Sainato said the new tax credits will generate investment in ongoing projects designed to attract residents and small businesses.
“The tax credits approved this year will allow us build on progress already underway in New Castle,” Sainato said. “Investments generated by tax credits approved last year laid the groundwork for projects to clear blight, renovate and repurpose abandoned properties, and build a more welcoming environment for small businesses – but we need to keep the momentum going.
“This fresh infusion of tax credits from the Neighborhood Assistance Program will provide the impetus for fresh funding to continue bringing depressed areas back to life. The new investment of capital – combined with the talented work of our neighborhood partnerships – will help transform the landscape from vacancy, blight and stagnation to commercial progress, community activity and hope.”
Sainato said the following tax credits will spur investment in these projects:
- $180,000 – 10,000 Friends of Pennsylvania – for projects to reduce blight, increase property values, assist at-risk youth, address food insecurity, expand access to fresh produce, renovate housing and provide short-term COVID relief for small businesses.
- $80,000 – DON Enterprises, Inc. – for projects to tackle blight, improve public spaces, renovate buildings and revitalize neighborhood areas.
- $45,000 – Citywide Development Corp. – for projects to reduce blight in occupied properties and help homeowners obtain assistance for housing repair.
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.
NAP 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.