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

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