Tax Increment Financing (TIF) Guarantee Program
Promotes and stimulates the general economic welfare of various regions and communities in the Commonwealth and assists in the development, redevelopment and revitalization of Brownfield and Greenfield sites in accordance with the TIF Act. The program provides credit enhancement for TIF projects to improve market access and lower capital costs through the use of guarantees to issuers of bonds or other indebtedness.
Infrastructure and environmental projects for industrial enterprises and retail establishments; Infrastructure, environmental and building projects for manufacturers, hospitals, convention centers and associated hotels; Utilization of abandoned or underutilized industrial, commercial, military, previously mined institutional sites or buildings; or undeveloped sites planned and zoned for development in accordance with any existing comprehensive municipal plan.
All municipalities and their authorities, including boroughs, townships, towns, counties and home rules that issue TIF bonds to fund local economic development projects.
Maximum guarantee amount per project is $5 million
Purpose of Funding
- Environmental Projects
- Site Development – Business
- Site Development – Local Government
Project must be located in a blighted area (containing the characteristics of blight as described in the Urban Redevelopment Law); Project must be located within a TIF district; Project must be located on previously utilized property or on undeveloped property that is planned and zoned for development; Project must demonstrate its ability to comply with the TIF law prior to the issuance of bonds or other indebtedness; Applicants must show that the revenue to be realized as a result of the project will be sufficient to offset the amount of the debt service; Business or private developers must agree to create a certain number of permanent full-time jobs within the TIF district.