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In brief: Nonprofit gets $28M in tax credits

A nonprofit the Pennsylvania Housing Finance Agency created has received $28 million in New Markets Tax Credits from the U.S. Treasury Department.

The Commonwealth Cornerstone Group plans to sell the credits to investors, and then CCG uses the funding to give developers loans to help with business expansion, mixed-use development and community facility construction throughout the state, said Scott Elliott, PHFA spokesman.

The CCG wants to use the credits projects in places considered the focal points of communities or areas that have historic or cultural value in communities, the PHFA said Thursday.

The CCG is one of 99 community development groups to receive funding from the $3.5 billion in new markets tax credits awarded through the Tax Relief, Unemployment Insurance Authorization and Job Creation Act of 2010. The nonprofit has received $148 million in New markets Tax Credits to date, PHFA said. The Treasury Department’s Community Development Financial Institutions Fund delivered the credits.

The CCG tax credit work will help bring affordable housing and community development to the commonwealth, the PHFA said. It has invested $100.5 million of the credits in low-income communities across the state. The group has invested in nine commercial, mixed-use and community development projects that cost more than $349 million to develop, and created more than 1 million square feet of new and redeveloped real estate and 233 housing units, it said.

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