Erie Center for Arts and Technology

New Markets Tax Credit Coalition

Erie,
PA
(2020)

Erie Center for Arts and Technology

Community, Daycare and Early Childhood, FQHCs, Healthcare, Mixed-use, Nonprofit Hub, Schools, Youth and Families

A $10.3M renovation of the 107-year-old former school.

Investment

NMTC Amount: $9,500,000
Total Project Cost: $10,500,000

IMPACT

30 FTE jobs
40 construction jobs

CDEs

Commonwealth Cornerstone Group

Investor

PNC

Voices from the Community

ECAT utilized the first New Market Tax Credit deal in Erie County to rehabilitate an 80,000 sqft closed school building and convert it to a multi-use community facility that includes healthcare, job training, youth programming and social services. As a non-profit, we had no other tool at our disposable to make this vision a reality. In the end, the NMTC allowed us to address blight and make a significant investment in one of the most disinvested neighborhoods in our community. We strongly support the continuance of this program.

-Daria Devlin, Erie Center for Arts & Technology, Erie, PA

Project Description

a $10.3 million renovation of the 107-year-old former school. With the former Wayne building purchased, ECAT then turned to financing the $10.3 million in renovations. Of that, ECAT will fund about $2.5 million through its participation in the federal New Markets Tax Credit program, created in 2000 to provide incentives for investment in low-income areas. PNC Bank is buying the tax credits that will lead to the $2.5 million investment in the ECAT project — the first New Markets deal in Erie, according to US Treasury Department records.

MAP

Address: 650 East Avenue, Erie, PA 16503

Census Tract: 42049000700

PDF Profile

Other Pennsylvania Projects

Provident Public Health Center

Philadelphia,
PA
(2020)

Adult Education, Behavioral Health, Children's Hospital, College or Vocational Training, Community, Daycare and Early Childhood, Dental Services, FQHCs, Healthcare, Historic Rehabilitation, Youth and Families

CDE(s): Dudley Ventures, National Trust Community Investment Corporation

Provident Public Health Center is the renovation of the historically significant Provident Mutual Life Insurance Building which has been vacant for over 20 years, into a medical campus in a

Powel Elementary School and Science Leadership Academy Middle School

Philadelphia,
PA
(2019)

Community, Schools

CDE(s): Building America CDE, Local Initiatives Support Corporation, PIDC Community Capital, PNC

To expand educational opportunities for children and support families in West Philadelphia, Drexel University undertook the challenge of expanding the capacity and improving the facilities of two existing neighborhood public

East Liberty Transit Center

Pittsburgh,
PA
(2014)

Infrastructure, Retail, Transit Oriented Development, Transportation and Ports

CDE(s): Commonwealth Cornerstone Group, Pittsburgh Urban Initiatives, PNC

A multi-agency effort, which includes the City of Pittsburgh, Port Authority of Allegheny County and East Liberty Development Corporation, to assemble and redevelop six acres of blighted or obsolete commercial

Susquehanna Health Innovation Center

Williamsport,
PA
(2018)

Community, FQHCs, Healthcare

CDE(s): Commonwealth Cornerstone Group, Community Hospitality Healthcare Services, PNC

Thanks to NMTC financing, UPMC Susquehanna opened a new Neuroscience Center in Williamsport, expanding services and bringing advanced procedures to the region.