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Philadelphia Empowerment Zone (EZ)
History
The Empowerment Zone is a federally funded initiative established to
foster economic development in distressed rural and urban communities.
In 1994, Philadelphia and Camden were designated the only bi-state Empowerment
Zone and shared a $100 million grant; Philadelphia received $79 million
and Camden received $21 million. Both Cities received special tax incentives
to attract businesses.
Mission Statement
The Philadelphia Empowerment Zone (EZ) is a community development and
economic revitalization program, created federally and guided locally.
The EZ guides and funds the implementation of strategies and programs
that improve public safety, advance human development, create a welcoming
environment, and invigorate commerce.
Collaborating with neighborhood planning boards,
community based organizations, businesses, and City agencies, the EZ
works to achieve a common vision built upon each neighborhood's strengths.
The Philadelphia Empowerment Zone's vision is to create vibrant communities
in three designated neighborhoods.
EZ offers place-based resources through lending
institutions in each EZ neighborhood.
Contact: 215-686-0450
Executive Director, Philadelphia Empowerment Zone
To visit the
Philadelphia Empowerment Zone website click here.
Renewal Community and Housing
Businesses located in, or wishing to locate in,
the RC are eligible for federal tax incentives to expand or improve
their buildings. One of the most important components of these incentives
is the Commercial Revitalization Deduction (CRD) which is a deduction
off a CRD applicant’s federal taxes. The City has $12 million in
CRDs to award each year, with a maximum of $10 million per building.
A CRD award of $1 million would be worth approximately $170,000 in cash
savings on an applicant’s federal taxes. The CRD applies to any
nonresidential real property; however, it can also be used on mixed-use
buildings if less than 80 percent of a building’s gross rental
income is from residential units.
Contact: 215-683-2126
Renewal Community Senior Manager
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