Pittsburgh History & Landmarks Foundation Announces New Markets Tax Credit Allocation
March 24th, 2003
Pittsburgh History & Landmarks Foundation was recently informed that the National Trust for Historic Preservation, in a national competition for New Markets Tax Credits, has received $127 million in tax credit allocations.
Pittsburgh History & Landmarks Foundation worked with the National Trust for Historic Preservation to apply for the New Markets Tax Credit allocation in a program that could help develop businesses to assist disadvantaged neighborhoods, many of which contain significant historic buildings.
The Trust’s award was the sixth largest in the United States of 345 applications. The median award was $38 million in tax credits.
The reviewers of the proposal at the Treasury Department commended the National Trust submission because it was one of the few that contained letters of commitments from banks nationally and in Pittsburgh and had a significant leverage factor through the use of the Preservation Loan Fund of the National Trust as well as the Loan Fund of Pittsburgh History & Landmarks Foundation, and increased that leverage by combining it with the Historic Tax Credit of 20%.
The New Markets Tax Credit program was enacted in 2001. It is meant to leverage $15 billion over the next ten years and it is targeted to be used for investments in commercial enterprises in low census track areas.