On the heels of the Administration’s announcement of $3.5 billion in NMTC allocation authority last week, President Obama today visited a NMTC-financed project in Pittsburgh, Pennsylvania. From the Treasury Department’s blog:
President Obama paid a visit today to TechShop Pittsburgh, one of eight workshops nationwide that provides affordable access to world class manufacturing tools, computers, and software to create and design prototypes for high-tech inventions, computer accessories, and quality crafts.
TechShop is located in Bakery Square, a mixed-use real estate development comprised of six buildings, the center piece being the former Nabisco bakery building. Thanks to support from the Treasury Department’s New Markets Tax Credit Program, Bakery Square is now a bustling center of commerce in Pittsburgh. It now provides 250,000 square feet of renovated space that houses 17 businesses, a 110-room hotel, and a parking garage. Investments in Bakery Square were made possible in part by $13 million in New Markets Tax Credits from the Commonwealth Cornerstone Group, a community development entity which received $33 million in federal tax credits in the latest round of the New Markets Tax Credit Program from the Treasury Department. To continue these efforts in underserved communities throughout the nation, the President called for a permanent extension of the New Markets Tax Credit Program in the Administration’s fiscal year 2015 budget proposal.