PIDC works to attract all types of federal, state and private resources to invest in Philadelphia’s underserved communities. In 2012, PIDC was certified as a CDFI to help do just that. PIDC has successfully competed for and invested over $110 million in New Markets Tax Credits to spur investment and fund development projects that energize neighborhoods, create jobs, and eliminate blight in the areas that need it most.
In South Kensington, one development that’s inspiring change is Oxford Mills, a $38 million mixed use project that transformed an abandoned factory into affordable living space for teachers and office space for educational non-profit organizations. The fully renovated building now houses offices for Teach for America, a national teacher corps of recent college graduates who strive to effect change in under-resourced areas.
“The project financing was very complex,” said Greg Hill, Founder of D3 Developers, who developed the Oxford Mills project in partnership with Seawall Development Corporation.
Funded in part by an allocation of New Markets Tax Credits from PIDC, Oxford Mills generated 200 construction jobs and 100 permanent jobs, created a vibrant culture where educators can collaborate and thrive, and built an economic anchor for the neighborhood.
“PIDC realized they were part of a project that was more than just a building,” said Greg. “It was inspiring to see such contagious spirit, commitment and enthusiasm.”
All across the city, PIDC is investing in projects with transformational impact, using New Markets Tax Credits to breathe new life into underserved, low-income communities.