HARRISBURG, Pa. (WHTM) – M&T Bank announced on November 22, 2022 that it will raise approximately $1.2 million in fiscal 2023 funding for many initiatives related to Pa. will provide.
Funding is provided through Pennsylvania’s Neighborhood Assistance Program (NAP).
According to the Pennsylvania Department of Community and Economic Development (DCED) website, the NAP is a tax credit program that encourages businesses to earn tax credits by investing in community projects aimed at improving underserved communities or addressing neighborhood issues.
NAP-approved projects and initiatives include:
- Affordable housing
- community work
- crime prevention
- job training
- access to food
- Special population problems
- Long-term community revitalization
“M&T supports the Neighborhood Assistance Program as an innovative way to advance community development and revitalization throughout Pennsylvania,” said Gail D’Angelo, M&T’s Community Reinvestment Manager for Pennsylvania. “We look forward to working with our partner
Organizations that have been approved for the NAP this year are witnessing the tremendous impact they will have in their respective communities.”
According to M&T Bank, the $1.2 million will go to 42 different initiatives — primarily in southeastern and central Pennsylvania. Of the $1.2 million investment, $395,000 in southeastern Pennsylvania, $300,000 in Philadelphia and $295,000 in central areas will fund 30 NAP-approved projects in fiscal 2023, the ends on June 30, 2023.
Initiatives that M&T Bank will support through the NAP investment include:
- $50,000 for Diamond City Partnership, an economic development alliance to transform downtown Wilkes-Barre, Pa.
- $50,000 for Working to Empower People for Advancement (WEPA) for a bilingual, community-based human resources development center in Lebanon, Pa.
- $30,000 for Affordable Housing Centers of Pennsylvania to provide housing counseling services to residents of West Philadelphia
- $25,000 to HDC Mid-Atlantic in support of the ongoing College Avenue affordable housing project in Lancaster, Pa.
- $25,000 for a Small Business Development Center in Kutztown designed to help entrepreneurs and small businesses by providing resources and information needed to start or grow their businesses.
- $10,000 for the Midwest Food Bank to provide food and food distribution to more than 137,000 people in Central Pa.
To date, the bank has participated in the NAP investment program for several years and committed $836,000 to 35 separate projects across the state in fiscal 2022, according to M&T Bank.