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Pennsylvania State Senate
12/06/2024 03:07 AM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?chamber=S&SPick=20130&cosponId=15319
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Senate Co-Sponsorship Memoranda

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Senate of Pennsylvania
Session of 2013 - 2014 Regular Session

MEMORANDUM

Posted: October 1, 2014 11:14 AM
From: Senator Jay Costa
To: All Senate members
Subject: Mixed Use Development Tax Credit
 
In the near future I will be introducing legislation to create a state tax credit on state business tax that will be made available to the Pennsylvania Housing Finance Agency. PHFA will be authorized to sell the credits to create a pool of investments that will be utilized to implement a mixed use development program for struggling downtown centers in the Commonwealth. The credits shall be sold in the year authorized and the capital pool created shall be used as soon as credit-worthy projects are selected.

Funding from the tax credit will be used by the Pennsylvania Housing Finance Agency to establish program guidelines that meet the following goals:
  • Increase affordable housing and commercial corridor development opportunities in areas of the Commonwealth where significant need and impact can be identified.
  • Maximize the leveraging of resources to the greatest extent possible.
  • Foster sustainable partnerships that will be committed to addressing the needs over a significant period of time.
  • Ensure that resources are used in an effective and efficient manner to meet the needs of communities.
  • Establish an application, allocation and reporting process that provides transparency to all stakeholders.
  • Provide strategic financing for critical projects that finalize an overall strategy for revitalization of a community.
Please join me in sponsoring this legislation.



Introduced as SB1507