$65M in New Markets Tax Credits Awarded to Pennsylvania’s CCG for Community Revitalization — Pennsylvania Housing Finance Agency (PHFA)

Event summary

Commonwealth Cornerstone Group (CCG), a nonprofit CDE created by Pennsylvania Housing Finance Agency (PHFA), secured $65M in New Markets Tax Credits (NMTCs) from the U.S. Treasury.
CCG is one of 142 CDEs nationwide awarded allocations from the 2024-25 $10B NMTC round, with 216 applicants in total.
Funds will support business expansion, healthcare, and multi-service community facilities in disadvantaged Pennsylvania communities.
Past NMTC-funded projects include Erie Center for Arts and Technology, Scranton Counseling Center, and Mill 19 in Pittsburgh.

The big picture

The $65M NMTC allocation underscores the growing role of tax credits in financing community revitalization, particularly in low-income urban and rural areas. With the NMTC program now permanently extended, CCG and similar CDEs face both opportunities and pressures to demonstrate measurable economic and social returns. The scale of this allocation—part of a $10B national round—highlights the competitive nature of the program and the strategic importance of securing these funds for regional development.

What we're watching

Deployment Pace: How quickly CCG will allocate the $65M in NMTCs to projects, given the competitive application process.
Impact Measurement: Whether the permanent extension of the NMTC program will enhance long-term community investment outcomes.
Strategic Focus: The balance between business expansion and community facility investments in CCG’s project portfolio.