City Revising Regulations to CDC Tax Credit Program

As follow up to City Council’s unanimous approval of Councilman Goode’s bill with amendments proposed by PACDC members to expand the Philadelphia CDC Tax Credit Program from 30 to 35 partnerships and maintain the tax credit at 100%, but lower the annual contribution from $100,000 to $85,000 per year for ten years for new agreements, the City has drafted amendments to the regulations governing the program that incorporate needed updates as well as an expected requirement that participating non-profits have a minimum operating budget size (e.g. $170,000). 

The City has decided not to finalize and release the revised application previewed at their briefing at the end of October until the new regulations are approved, likely postponing acceptance of new applications to late January at the earliest.  The Records Department is expected to release the proposed new regulations in the near future with a 30 day comment period that could lead to a public hearing.