(PITTSBURGH) February 23, 2012 Mayor Luke Ravenstahl announced today that the City’s Urban Redevelopment Authority (URA) has been awarded $20 million in New Markets Tax Credits (NMTC) by the U.S. Treasury Department. The tax credit program aims to aid in economic development, community revitalization and job creation by spurring private investment in low-income communities. The NMTC announcement comes on the heels of President Obama’s budget release, which includes plans to expand the program. The URA is one of 70 entities to receive the competitive funding out of more than 300 applicants.
“This generous award is further proof that our City is moving in the right direction,” said Ravenstahl. “The millions of dollars these new tax credits leverage mean more development, more neighborhood growth, and, most importantly, more jobs for Pittsburgh residents. I want to thank all of our partners, especially Senator Casey and Congressman Doyle, for their help in this effort.”
"The New Market Tax Credit is an important tool that helps economically distressed communities attract new investment and revitalize their economies," Congressman Doyle said. "As someone who's worked hard in Congress to expand federal aid to hard-hit urban areas like ours, I'm a strong supporter of the New Market Tax Credit, and I'm very pleased to be joining Mayor Ravenstahl and Senator Casey today in announcing that Pittsburgh has won another $20 million in this very competitive process."
Thursday, February 23, 2012
Office of Mayor Luke Ravenstahl
512 City County Building | 414 Grant Street
Pittsburgh, PA 15219
telephone: 412-255-2626 | facsimile: 412-255-2687