5 economic development groups may reap millions through Allegheny program
Five community-based economic development organizations could receive as much as $3 million apiece during the next six years if a program that officials with the Allegheny Conference on Community Development announced on Thursday can recruit corporate sponsors.
Through the Strengthening Communities Partnership, the Allegheny Conference is encouraging its members to contribute to the five organizations in the forms of pro-bono services and grants supported by tax credits through the Pennsylvania Neighborhood Partnership Program.
A committee selected the McKees Rocks Community Development Corp., the City of Washington Citywide Community Development Corp., Economic Development South in Brentwood, the Fayette County Cultural Trust and the Wilkinsburg Community Development Corp. to participate in the program.
No businesses have yet joined the pilot program.
TriState Capital Bank, a conference member, contributes $350,000 a year to the Wilkinsburg Community Development Corp. through the state tax credit program, said Executive Director Tracey Evans.
Greg Jones, the executive director of Economic Development South, said his communities have no “natural” business partners. Working with the Allegheny Conference will allow the organization to tap into new resources, he said.
Each organization will receive a to-be-determined seed grant, said Dennis Yablonsky, the CEO of the conference.
The Neighborhood Partnership Program allows organizations to receive as much as $500,000 a year for six years from private companies. The state program grants contributing companies a tax credit of up to 80 percent.
Aaron Aupperlee is a staff writer for Trib Total Media. He can be reached at 412-320-7986 or email@example.com.