State Tax Credit Program Supports Two Redevelopment Projects in Altoona

HARRISBURG – Two projects in the City of Altoona will receive tax credits to create jobs and leverage more than $15 million in total investments in the area, according to Senator-elect Judy Ward (R-30).

A tax credit of $150,000 will result in the construction of a new building on the former Silk Mills property. The new building will include commercial and office space, as well as a café and restaurant that is expected to employ up to 40 individuals. Additional space will be available for up to 11 residential units.

The property has most recently been used as a warehouse. The $13 million project will be overseen by the Altoona-Blair County Development Corporation and will include both the partial demolition of the existing building and renovation of the existing space.

Another $150,000 tax credit will allow for the redevelopment of a blighted property on the corner of 11th Avenue and 15th Street. Pennsy Properties will construct a 14,400-square-foot mixed use commercial building that will provide space for an office, restaurant and a retail shop. Space will also be available for affordable housing options for community residents.

The company expects to invest approximately $2.1 million in the project. At least 12 new full-time jobs are expected to be created, with additional job opportunities possible depending on the tenants that occupy the new space.

“Both of these projects are expected to have a positive impact on the local economy by creating new jobs and encouraging businesses to put down roots in the community,” Ward said. “The tax credits should help revitalize areas in the city that are in need of a fresh start.”

The credits were awarded as part of the Department of Community and Economic Development’s Neighborhood Assistance Program, which was designed to promote community participation and collaborations among nonprofits, businesses and residents in low-income areas.

CONTACT:  Cheryl Schriner (717) 787-5490