Real Estate Journal — Pennsylvania — March 11 - 24, 2016 — 5C
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Including Pittsburgh neighborhood improvement proj. TCB invests New Markets tax credits in four cities P I TTSBURGH , PA — The Community Builders, Inc.(TCB ),
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a nonprofit developer of mixed- use and mixed income hous- inghas announced the alloca- tion of $16 million in New Markets Tax Credits (NMTC), received in 2015 to four neigh- borhood improvement projects in Cincinnati,OH; Durham, NJ; Pittsburgh, PA and Worcester, MA. “We are proud of our ability to use New Markets Tax Credits to address the needs of these communities and we look for- ward to continuing to work with the CDFI fund on its NMTC program,” said Bart Mitchell , TCB president and CEO. TCB is committed to strength- ening communities in ways beyond housing. Its four most recent NMTC investments will provide local residents with access to transportation, edu- cation and green space—just a few of the things that make a good neighborhood great. In Pittsburgh, a $6 million dollar allocation will go to- wards the second phase of development of the East Lib- erty Transit Center which is well underway. The new state of the art multimodal transit hub includes the construction of 43,000 s/f of commercial space and 357 housing units. A $5 million NMTC investment went to phase one, the transit infrastructure. Ziegler Park in Cincinnati is a community amenity for residents of the Over-the-Rhine and Pendleton neighborhoods in need of revitalization. A $4 million tax credit investment will transform the existing park, along with an adjacent parking lot, into a larger, multi- use recreational park featuring a renovated swimming pool, basketball courts and children’s playground. A $3.2 million allocation from TCB’s 2015 award and $2.5 mil- lion from an earlier round are slated for the first phase of the redevelopment of an historic former school building in Dur- ham. The new KIPP Durham College Preparatory School will be an educational facility with classrooms, a gymnasium, an auditorium, a playground and administrative offices. A $2.8 million allocation is designated for the construc- tion of a 36,000 s/f Alumni and Student Engagement center at Clark University in Worcester. The project will anchor revi-
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talization efforts in the Main Street neighborhood, further strengthening the partnership between Clark University and the community.
All four NMTC investments are within three miles of a TCB community and will add 953 construction jobs and 251 permanent jobs. n
NJ and PA Licensed Real Estate Broker Warner Real Estate & Auction Company, Inc. 53 East Avenue Woodstown, NJ 08098 Ph: (856) 769-4111 Website: www.WarnerRealtors.com
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