On September 5, 2024 Department of Community and Economic Development (DCED) Secretary Rick Siger announced the first round of tax credit awards through the Neighborhood Assistance Program (NAP). The NAP provides tax credits to businesses that contribute to nonprofit organizations’ efforts to revitalize communities. The NAP has five main components: The Neighborhood Assistance Program (NAP), Special Program Priorities (SPP), the Neighborhood Partnership Program (NPP), Charitable Food Program (CFP), and the Enterprise Zone Program (EZP).
One of the 185 projects across the Commonwealth supported by NAP was the award of $292,500 in NPP tax credits to the Altoona-Blair County Development (ABCD) Corporation Altoona for site preparation and infrastructure improvements on the 200 Block of Beech Avenue within the City of Altoona. Once completed, the site will be marketed for new single family housing. ABCD is working with the City’s Redevelopment Authority and Land Bank to provide blight remediation and housing creation services throughout the City.
“This announcement and the financial commitment towards blight remediation and housing development is wonderful news for Land Bank and the City of Altoona,” said City of Altoona Mayor Matt Pacifico. “This project is unique in its approach and will serve as a case study to pave the way for future land banks across Pennsylvania to utilize NAP funding for similar new housing builds. We are very grateful for the vision and support from M&T Bank, S&T Bank, Reliance Bank, Sheetz, Inc. and First National Bank.”
The second award totaled $500,000 through the EZ program for the redevelopment of the Kress Building in downtown Altoona. That project will result in 5 new market rate loft style apartments and first floor commercial space which is being development by KB Revitalization, LLC.
“These projects, along with this year’s doubling of the Neighborhood Assistance Program, will have a tremendous positive impact on individuals and neighborhoods across our Commonwealth,” said Secretary Rick Siger. “When local communities are healthy and vibrant, Pennsylvania thrives.”
A second round of awards for additional projects submitted through ABCD is expected later this fall.
