Erie Center for Arts and Technology (2020), Erie, PA

COMMUNITY IMPACT

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 U.S. Treasury Department records.

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The New Markets Tax Credit Coalition
1155 15th Street NW, Suite 400
Washington, DC 20005
202-393-5225

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