New Markets Tax Credits 2024: Empowering Allentown: Community First Fund Invests $8 Million in Job Creation, Skilled Workforce
Empowering Allentown: Community First Fund Invests $8 Million in Job Creation, Skilled Workforce
Marcon Properties 17.5-acre Manufacturing Campus Revitalization in Lehigh Valley Moves into Next Phase
LANCASTER, Pa. (May 1, 2024) – Community First Fund proudly announces a partnership with Marcon Properties in Allentown, PA, on a transformative project that uses New Markets Tax Credits (NMTC) allocation. The project underscores our commitment to igniting economic growth through funding job-creating projects.
The project aims to revitalize a blighted 17.5-acre manufacturing campus in an area plagued by severe distress. This initiative will create the opportunity to access jobs and foster skilled workforce development in Allentown, contributing to community transformation.
“Our goal is to transform communities,” says Daniel Betancourt, President, and CEO of Community First Fund. “We are excited to be involved in a project that will create new quality jobs as well as skilled workforce development in Allentown.”
Eastern Exterior Wall Systems (EEWS), an affiliated company, will lease two of the buildings on the site, increasing manufacturing capacity and supporting jobs growth in the Lehigh Valley. This will create and retain 82 full-time union jobs and 41 indirect jobs, providing employment and training opportunities for residents.
“Marcon Enterprises and Marcon Properties are proud to work with our community to restore this prominent site overlooking Fountain Park and be a part of Allentown’s continuing industrial history.” said Jody Marcon, President, and CEO of Marcon Industries. “This project will allow us to expand our manufacturing capacity and provide employment and training opportunities for those in the neighborhood.”
The project has a total cost of $49 million and is aimed at addressing the community’s 25% poverty rate, unemployment twice the national average, and a median family income of 56.2% the national average. Community First Fund has allocated a $6 million NMTC investment and a $2 million leverage loan.
The financing structure also includes NMTC allocations from Building America’s CDE and Consortium America’s CDE, investments from Capital One, and loans from Fulton Bank demonstrating a commitment to community revitalization and economic development.
A media event for this next phase of construction was held May 15th, 2024.
About Community First Fund
Community First Fund is a nonprofit Community Development Financial Institution which helps communities grow and thrive by providing loans and resources in places where it is not usually available. For over 30 years, we have supported small businesses, nonprofits, and community projects across southern and eastern Pennsylvania, Delaware, and New Jersey. In 2022, we launched Community First Fund Credit Union to serve our community by offering responsible financial products and creating financial equity through wealth building opportunities. For inquiries, contact marketing@communityfirstfund.org. Learn more at communityfirstfund.org/nmtc