Local PA Businesses get tax credit for helping with flood recovery effort
Department of Community and Economic Development (DCED) Secretary C. Alan Walker announced today that Northeastern Pennsylvania businesses will receive Neighborhood Assistance Program tax credits for donating more than $600,000 to support flood relief efforts.
"Businesses that contributed to the flood recovery effort are proactively helping their local communities recover from the devastation of Hurricane Irene and Tropical Storm Lee," said Walker.  "Residents in areas of the northeast that suffered substantial damage to their homes during the fall flooding will receive assistance in making necessary repairs and accessing suitable housing. This support will be a key step in the process to making their lives whole again."
Local businesses that contributed to the flood relief effort will receive a tax credit through the Neighborhood Assistance Program Special Program Priorities (NAP-SPP) - a program designed to support distressed areas and support neighborhood conservation. The program provides tax credits of up to 75 percent of approved projects, with an annual limit of $500,000.  DCED has approved $460,275 in tax credits to local businesses that donated $613,700 to support the flood recovery effort.
Three local community development organizations received monetary donations from businesses to assist with flood and disaster recovery efforts.  Some of the services these neighborhood organizations will provide include emergency shelter and food for displaced residents, assistance funding necessary mechanical and electrical repairs to homes, and helping residents locate affordable housing.
NAP-SPP projects must specifically support one of the following activities: flood and disaster recovery efforts related to Hurricane Irene and/or Tropical Storm Lee;  integrated weatherization and housing rehabilitation; preventing mortgage foreclosure; reduction of blight and abandoned properties; encouraging diversity within communities and Marcellus Shale-related projects.
For more information about supporting community development initiatives in Pennsylvania, call 1-866-466-3972 or visit newPA.com.