In recent years, projects backed by public-private investment have turned to making the Steel City's riversides havens for recreation and leisure. Now, some redevelopment boosters hope a new tax credit will encourage financiers to invest more in waterfronts throughout Pennsylvania.  

The Environmental Protection Agency (EPA) has given the Philadelphia Authority of Industrial Development (PAID) an $820,000 brownfields grant for cleaning up abandoned commercial and industrial properties.

Legislation to tighten the rules around borrowing by Pennsylvania's municipalities has the unanimous approval of state senators in an effort to avoid a repeat of its capital city's near-bankruptcy.

State and federal leaders, including Interior Secretary Sally Jewell, broke ground on the cleanup site last month. It's getting $3.5 million in federal grants from a $90 million pilot program Congress approved to accelerate reclamation efforts and promote economic development.

Pennsylvania governor Thomas Wolfe announced that the Redevelopment Assistance Capital Program (RACP) grant "will help the Philadelphia Real Estate Investment Trust (PREIT) close a final funding gap in the project, allowing it to become a reality."

Preservationists say the state tax credits are one of the most important tools used by the government to protect historic buildings, yet Pennsylvania's tax credit program took 16 years of advocacy efforts to pass the General Assembly, and the $3 million cap remains one of the smallest in the nation.

The 'A+' rating on the CFA revenue bonds reflects the credit of the commonwealth and the state appropriation commitment. The bonds are special obligations of the CFA, which was created in 2004.

The state Senate passed a series of municipal debt reform bills designed to prevent a repeat of the problems created by former Harrisburg Mayor Stephen R. Reed's aggressive use of bond financing for pet projects and budgetary needs.

Join CDFA in New Orleans, Louisiana for the 2016 National Development Finance Summit! Hosted by the Louisiana Public Facilities Authority (LPFA), the CDFA National Summit brings together the leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions.

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