A nonprofit is teaming up with an Allentown construction company to rehabilitate a former industrial property on the city’s southside.
Lancaster-based Community First Fund said Wednesday that it will partner with Marcon Properties to use New Markets Tax Credits to revitalize the 17.5-acre campus along South 10th Street that used to be the site of Allentown Metal Works.
“Our goal is to transform communities,” said 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.”
Community First Fund has allocated a $6 million NMTC investment and a $2 million leverage loan for the $49 million project. The nonprofit said it is addressing the community’s 25% poverty rate, unemployment twice the national average, and a median family income of 56.2% the national average.
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.