The Fine Print
The Steel Valley Enterprise Zone Corporation is an I.R.S. designated 501(C)(3) non-profit corporation comprised of local elected officials and business and community representatives.
The Steel Valley Enterprise Zone was first designated as an Enterprise Zone by the Pennsylvania Department of Community and Economic Development in 1992.
Enterprise Zone funding capitalized the Business Revolving Loan Fund. To date we’ve closed on 27 Enterprise Zone loans utilizing $2,712,500 and leveraging over $40 million of investment.
Further, State Enterprise Zone tax credits have assisted over $62 million of investment. 13 State tax credits have been provided through the Enterprise Zone Program.
Enterprise Zone status placed the communities of Homestead, West Homestead, Munhall and a portion of the 31st Ward and businesses in a priority position for State resources
Further, the Steel Valley Enterprise Zone Corporation administers the Building Investment Loan Fund to assist in property development. These are Main Street/Tax Increment Financing funds from the Waterfront Development. 14 Building Investment Loans have been authorized.
With the loan and tax credit programs, over $100 million of other public and private investment has been leveraged
Over 1,200 jobs have been created through SVEZC loan and tax credit assistance.
The Steel Valley Enterprise Zone Corporation (SVEZC) was incorporated in 1995 as a non-profit community development corporation. The corporation board is comprised of representatives of the Boroughs of Homestead, West Homestead and Munhall; the Steel Valley School District, the Homestead-area Economic Development Corporation, the Mon Yough Area Chamber of Commerce, and representatives of the business community. The SVEZC is the designated economic development organization in the Boroughs of Homestead, Munhall and West Homestead.
The SVEZC is the implementation organization for the State Enterprise Zone Program serving Homestead, Munhall and West Homestead and and a portion of the 31st Ward of the City of Pittsburgh. The Enterprise Zone Program is designed to stimulate economic development and create new jobs. The SVEZC has utilized funding from the Commonwealth of Pennsylvania to implement a small business revolving loan program for businesses in the Steel Valley Enterprise Zone and we are the conduit for the Commonwealth’s Neighborhood Assistance Enterprise Zone Tax Credit Program. To date, the SVEZC has authorized twenty-seven (27) business loans and assisted in securing thirteen (13) state tax credits for firms investing in the Enterprise Zone.
In 2004 the SVEZC initiated a Building Investment Loan Fund to assist property owners in renovating and improving their properties utilizing Main Street/Tax Increment Financing resources. To date, the SVEZC has authorized fourteen (14) building loans for an amount totaling $980,000.
The SVEZC’s loan and tax credit assistance has directly leveraged over $100 million in investment and created approximately twelve hundred (1,200) new jobs. Also, we market other County, State and Federal programs which assist in business development and job creation.
In addition to the State Enterprise Zone Program, the SVEZC has been authorized by the local governments and business and development organizations in the area to coordinate and direct area redevelopment efforts in the Eighth Avenue Corridor. Over the past 10 years there has been an emphasis to support the development of The Waterfront as necessary, and, to work to implement the plan and strategy for the revitalization of the older commercial core of the Enterprise Zone, the Eighth Avenue Corridor. The SVEZC formed a Revitalization Committee, composed of approximately 40 individuals representing local government, Allegheny County government, business organizations, non-profit organizations and others, and has developed a series of initiatives to revitalize and improve the area. Some of these initiatives include:
A Comprehensive Urban Design Plan
A Redevelopment Area Plan and Strategy for the Boroughs of Homestead, Munhall and West Homestead, Allegheny County
A Historic and Architectural Review Board for a historic district in the three municipalities
A Redevelopment Planning Area for the Homestead neighborhoods
A Tax Increment Financing (TIF) agreement for the use of TIF funds from The Waterfront development for the older business district.
As a result, the Commonwealth of Pennsylvania awarded a $5 million Redevelopment Assistance Capital Program grant for the redevelopment area. Millions of dollars in infrastructure improvements have taken place or are planned. The Redevelopment Authority of Allegheny County has acquired approximately 40 properties for redevelopment. Some of these properties have been sold to redevelopers. Additional properties are available for redevelopment.