Investors Could Get Tax Credits For Reading Projects

A 1947 topographic map of the Reading, Pennsyl...

A 1947 topographic map of the Reading, Pennsylvania area. (Photo credit: Wikipedia)

Lancaster-based Community First Fund announced Wednesday that it has received $15 million from the federal New Markets Tax Credit program enticing investors to bring jobs to low-income areas, including Reading.

“Those in the New Markets Tax Credit world know how big a deal this is,” Daniel Betancourt, fund president and chief executive, said at a news conference in the offices of Berks County Community Foundation, Third and Court streets.

Betancourt said the award will significantly increase investment in the region’s lowest-income communities, especially Reading.

The Community First Fund, which has an office at 505 Penn St., was among 85 organizations in the nation getting a share of $3.5 billion in this year’s round.  There were 282 applicants.

Read more: http://readingeagle.com/article.aspx?id=474642

Local Leaders See City Of Reading Market Analysis

The greater Reading market value analysis that’s intended to guide the city’s housing and economic development efforts got some suburban buy-in Thursday at an Albright College forum.

More than three dozen community leaders, a third of them from municipalities surrounding Reading, got a first look at the study compiled by The Reinvestment Fund, Philadelphia.  Several said it could be a useful tool for the boroughs and townships as well.

“My biggest fear is, if this study sits on a shelf, the entire effort is wasted,” said Todd Auman, chairman of the Reading Redevelopment Authority, which commissioned the work.

Essentially, the analysis compared home sale prices, vacancy rates, percentage of rental versus owner-occupied homes, foreclosure rates and housing voucher statistics – down to the census block level in every municipality from Sinking Spring to Saint Lawrence – and assigned each census block one of eight different market types.

Read more: http://readingeagle.com/article.aspx?id=426263