On November 22, 2023, the state of Pennsylvania announced approved $147,500 in Neighborhood Assistance Program tax credits to help the Genesis Housing Corporation in its investment in revitalizing blighted properties in Pottstown.
The investment will assist Genesis Housing Corporation’s rehabilitation projects in Pottstown:
- $80,000 will be used to address neighborhood revitalization through mostly smaller scale improvement projects, housing rehab and facade grants.
- This money will support exterior renovations, housing counseling services, improved community access to gardens, and support for community improvement programs.
- $67,500 will be used to continue the Pottstown Homeowner Property Rehab Program to provide rehab grants for at-risk populations.
- This program will provide eligible low-income homeowners with grants and technical assistance for critical home repairs, focusing on a single system such as heating, roofs, and plumbing.
- An expected 12-13 homes will receive grants, depending on the cost of renovations, helping preserve affordable housing and keeping low-income homeowners, seniors, and individuals with disabilities in safe and decent housing.
“These state tax credits will help continue the important work of Genesis Housing Corporation in fighting blight and maintaining affordable housing in Pottstown,” State Rep. Joe Ciresi (D-Montgomery) said.
“This work will keep at-risk homeowners in safe and decent housing while revitalizing the communities around them. At a time when affordable housing is increasingly hard to find, this investment is important and will make meaningful impacts in people’s lives. I thank DCED, Genesis Housing Corp., and their business partners for making this investment in Pottstown,” he added.
The Neighborhood Assistance Program is a tax credit program administered by the PA Department of Economic Development to encourage businesses to invest in projects that improve distressed areas.
There are three main focal points of the program:
Neighborhood Assistance Program
A project must serve distressed areas or support neighborhood conservation. Projects must fall under one of the following categories: affordable housing programs, community services, crime prevention, education, job training or neighborhood assistance. A tax credit of up to 55% can be awarded.
View the Neighborhood Assistance Program application checklist to help guide you in your application submission.
Neighborhood Partnership Program (NPP)
Long-term collaborations (five years or more) of business, government and community leaders to produce a comprehensive, asset-based and relationship-driven approach to community development. A tax credit of upto 75% or 80% can be awarded based on the length of the program (Please refer to the guidelines for more information).
View the Neighborhood Partnership Program application checklist to help guide you in your application submission.
Special Program Priorities (SPP)
This program targets on specific problems and projects which the state has designated as priorities (see NAP/SPP guidelines for a list of the priorities) in a distressed area. The tax benefit to a business firm contributing to an approved SPP application would be eligible for up to a 75% tax credit.
Photo of the historic downtown of Pottsdown is by Willjay via Wikipedia.