Redevelopment targeted with $15M in tax credits for midstate

(Lancaster) — Redevelopment projects in major midstate communities could be spurred by millions of dollars in federal tax credits allocated to a regional economic development organization.

The Community First Fund is getting $15 million in credits through the Treasury Department’s New Markets Tax Credit Program.

President and CEO Daniel Betancourt says the credits will be awarded to banks and developers willing to invest in projects in low-income areas, especially in the cities of York, Lancaster, Reading and Harrisburg.

“If you think about downtown Harrisburg, how many vacant or underutilized properties are sitting around, that if they had more equity or incentive for a developer to develop, we could see more redevelopment of our downtowns across the region,” Betancourt says.

He adds the program is geared toward projects like supermarkets, charter schools, federally qualified health centers, affordable housing and commercial redevelopment.

The Community First Fund will evaluate potential projects to see if they’re economically viable.

It will also look at the possible social impacts on the community where the project is proposed.