Pittsburgh awarded $50 million in tax credits for new development
The NMTC program is intended to help “economically distressed communities” attract private capital for new developments. Of 238 applicants nationwide, only 120 had their requests granted. . .
This is the sixth consecutive year that Pittsburgh has received this award, says Robert Rubinstein, acting executive director of the URA.
“While we can’t say with 100% certainty, the NMTCs provide the necessary equity to close the final funding gap on these projects, so they likely would not occur without,” said Rubinstein.