cherrytree group llc logo

Cherrytree Group LLC Blog

RSS Grab the Cherrytree Group Real Estate Blog feed

Get e-mail notifications of new blog posts! Enter email address below.


Delivered by FeedBurner

 

EPA Awards Funds to Cleanup and Revitalize Somerville Neighborhood

Friday, June 17, 2011

...by Warren Kirshenbaum

As part of $3.5 million in Brownfields grants that EPA is making available for Massachusetts communities, EPA has provided $600,000 for Somerville to clean up the former Kiley Barrel Property site. The funding is part of more than $76 million in EPA Brownfields investments across the country announced this week by EPA Administrator Lisa Jackson to protect health and the environment, create jobs and promote economic re-development in American communities.

EPA Brownfields grant money assists work to reclaim sites including old textile mills, sites containing hazardous substances and petroleum products and other abandoned industrial and commercial properties.  EPA’s Brownfields program encourages redevelopment of America’s estimated 450,000 abandoned and contaminated waste sites.

 “This EPA funding will help strengthen the economic foundation of these communities,” said Curt Spalding, regional administrator of EPA New England’s office. “Cleaning and revitalizing contaminated sites helps create jobs, providing a solid foundation for a community to create new businesses and neighborhood centers, while making our environment cleaner and the community healthier.”

"These federal funds will help transform the Kiley Barrel site, eliminating old contaminants and revitalizing it so that the land can be used for future development. Brownfields grants have had a tremendous impact here in Somerville and all over the country, giving communities the resources they need to revitalize old industrial sites," stated Congressman Michael Capuano.

The $12.55 million in grant and Revolving Loan Fund money awarded by EPA to a variety of New England communities and organization will provide substantial help around the region.  The EPA funding leverages over $46 million of other money to pursue brownfields cleanup and revitalization work. In New England, these projects have created 98 clean up jobs this year as well as 135 redevelopment jobs.

As of June 2011, EPA’s brownfields assistance has leveraged more than $16.3 billion in cleanup and redevelopment funding, and helped create more than 70,000 jobs in cleanup, construction and redevelopment. These investments and jobs target local, under-served and economically disadvantaged neighborhoods – places where environmental cleanups and new jobs are most needed.

Since the beginning of the Brownfields Program, in New England alone EPA has awarded 268 assessment grants totaling $67.1 million, 61 revolving loan fund grants and supplemental funding totaling $65 million and 174 cleanup grants totaling $39.3 million.  These grant funds have paved the way for more than $1.3 billion in public and private cleanup and redevelopment investment and for 8815 jobs in assessment, cleanup, construction and redevelopment.

Some of the money announced today falls under EPA’s brownfields revolving loan funding.  Since 1995, EPA RLF recipients have provided 53 loans and 63 grants in New England totaling more than $29 million for brownfields cleanup. The loan funds have paved the way for more than $189 million in public and private cleanup and redevelopment investment and for 1034 jobs in cleanup, construction and redevelopment.

Information released by the EPA 

Top Six Cleantech Cities in the United States

Thursday, March 31, 2011

...by Warren Kirshenbaum


There are numerous cities across the United States which can be considered "cleantech capitals." With a large array of renewable resources, a dedication by businesses and homeowners to become more energy efficient, and a large hub for research and development, a lot can be accomplished when it comes to creating new, efficient and sustainable clean technologies. There are many factors that make up a "capital for cleantech," and although there are more than ten cities around the nation that are involved in clean technologies, here are six of the top cities.

1) Boston, Massachusetts. Boston is said to enjoy some of the most supportive policies in the United States for energy efficiency and renewable energy. After California, Boston is second in clean technology venture capital investments. With an environment that is ripe for cleantech startups, numerous companies are moving their business to Boston. The MIT Clean Energy Prize is a venture and innovation creation competition that encourages clean energy innovation. Its objective is to provide educational opportunities and supply incentives to ventures demonstrating the clean energy affordability. As well, the development of MIT's cleantech incubator will provide Boston with more access to cleantech flow, increasing the demands for all future building to be constructed in accordance to LEED standards set up by the U.S. Green Building Council.

2) San Jose, California. San Jose, part of California's Silicon Valley, has been very productive in clean technologies. The city has expanded a number of clean technology investments and because of the research and development institutions in the area, many cleantech companies are coming to make their home in San Jose. San Jose's, "Long-time leadership in engineering know-how, combined with semi-conductor, nanotechnology and optics R&D gives it a leg up in renewable energy development, particularly in solar energy applications." San Jose is also home to the Environmental Business Cluster, a non-profit technology commercialization center assisting startup cleantech companies developing goods and services to positively impact the environment.

3) Austin, Texas. Austin has long been Texas' hub for solar, wind, geothermal, and biomass power, as well as fuel cell technologies. Its commitment to the environment and sustainability has made it not only a national cleantech player, but a global one as well. Austin is home to some of the largest cleantech companies on a global level. A large research and development hub, the University of Texas at Austin has created several research expenditures to elevate research into energy efficiency and renewable energy. This includes a project by the College of Natural Sciences to create biofuel from blue-green algae and hybrid-electric automobile programs developed by The Center for Electromechanics.

4) San Francisco, California. California is one of the top cleantech states in the United States and it is cities like San Francisco that makes it happen. Currently, San Francisco is well on its way to becoming the first city to be completely run by renewable energy by the year 2020. With projects like Sunset Reservoir Solar Project, which is the largest municipal solar facility in the state, and a new $250,000 grant to increase renewable energy capabilities.
 
5) Seattle, Washington. Seattle has been leaving its mark in cleantech society by increasing the need for green standards. The Green Building Sustainable Communities Program, for example, creates city projects that meet sustainable outcomes. Tax breaks and loans are provided to businesses and residences that utilize green practices. Seattle has been a leader in using their garbage to get electricity. They have invested into electricity from garbage landfills.
 
6) Chicago, Illinois. Over 20 percent of total power in Chicago is coming from renewable sources. Due to the increase in the need for renewable energy and energy efficiency, Chicago has been able to create numerous job opportunities while, at the same time, increasing solar power and saving on CO2 emissions. Chicago is also becoming one of the major investment locations for international businesses. Chicago also has a number of green initiatives, including the Chicago Green Office Challenge.

Kirshenbaum Law and Cherrytree Group LLC can help you structure your tax credit transaction. Let us guide you through the process of applying for and securing renewable energy tax credits. These transactions typically require a lawyer, a consultant, and a syndicator, and Cherrytree Group and Kirshenbaum law can act in all three capacities, saving you time and money on your transaction.

The original article was written by Shawn Lesser, and can be seen at http://www.reuters.com/article/2011/03 /28/idUS317857292020110328

Treasury Announces $3.5 Billion in Awards for Economic Development and Community Revitalization

Monday, March 07, 2011

... By Warren Kirshenbaum

Baltimore Area Institutions to Receive Over $155 Million in New Markets Tax Credit Awards

BALTIMORE, MD - In an effort to highlight the Obama Administration’s key investments in broad-based economic growth and commitment to the revitalization of communities stricken by the economic crisis, Community Development Financial Institutions Fund Director Donna Gambrell today visited a job training and human services organization in Baltimore benefiting from private sector investments made possible through the New Markets Tax Credit (NMTC). Speaking alongside Representative Elijah Cummings, Director Gambrell announced the selection of 99 organizations nationwide to receive NMTC allocation awards under the 2010 program round. These 99 awards will leverage billions of dollars of investment into businesses and real estate projects to create jobs and promote growth in communities with high rates of poverty and unemployment.

“The New Markets Tax Credit continues to be a tool for job-creation and economic revitalization in areas that struggle to attract investment because of poverty, unemployment and a lack of opportunity” said Director Gambrell. “I am honored to announce the 2010 New Markets Tax Credit Award allocations with Representative Cummings here in Baltimore, where our partners have demonstrated why this tool has been so effective in making literally thousands of projects possible across the country and give Americans a chance to make a living, to start a business and to build a better future in areas that need it most.”

The NMTC, established by Congress in December 2000, permits individual and corporate taxpayers to receive a credit against federal income taxes for making equity investments in investment vehicles known as Community Development Entities (CDEs). The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. CDEs must apply to the Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) to compete for this allocation authority. The 99 organizations receiving awards were selected from a pool of 250 applicants that requested over $23.5 billion. They are headquartered in 27 different states and the District of Columbia; but have identified principal service areas that will cover nearly every state in the country, as well the District of Columbia.

“By helping our partners in community development secure critical funding for job-creating projects, the New Markets Tax Credit is helping to bring opportunity and drive investment in our local businesses and communities,” said Representative Cummings. “In these tough economic times Baltimore welcomes the support of the CDFI Fund, and we will continue working to ensure that we're reaching the hardest hit.”

Director Gambrell’s and Representative Cummings’ announcement was made today at Humanim Inc., a nonprofit organization that provides workforce development and rehabilitation services to individuals with disabilities and other barriers to employment. An award winning human services organization, Humanim provides a ground-breaking model for delivering expanded employment services that gives those individuals in greatest need the opportunity to build a career and attain financial independence. Over $14 million in NMTC financing provided by City First Bank of DC and the National Trust Community Investment Corporation allowed Humanim to convert a large brewery that sat abandoned for 35 years in one of the poorest neighborhoods in Baltimore into its headquarters. Humanim reaches individuals of all ages with comprehensive vocational services.

Having benefitted from funding under the NMTC, Humanim highlights the effectiveness of the NMTC in leveraging private investment to complete economic and community development projects that help revitalize communities with high rates of poverty and unemployment. In total, five institutions in Maryland will receive funds in this NMTC award round to invest in development projects.

To date, over $20 billion of private-sector capital has been invested through the NMTC into urban and rural communities throughout the country, helping to create or retain hundreds of thousands of jobs and to provide low-income community residents with access to quality education, health care, job training, housing and critical retail services in their communities.

2010 NMTC Program Awards

2010 NMTC Program Award List
2010 NMTC Program Highlights
2010 NMTC Program Allocatee Profiles
2010 NMTC Program Award Booklet

A complete list of the 99 organizations selected and additional information on the NMTC Program can be found on the CDFI Fund’s web site at: http://www.cdfifund.gov.

Pittsburgh URA Awarded $35 Million in Development Tax Credits

Monday, February 28, 2011
Pittsburgh URA awarded $35 million in development tax credits

The U.S. Treasury Department has awarded Pittsburgh's Urban Redevelopment Authority $35 million in tax credits to stimulate investment in low-income communities.

The URA was one of 99 applicants to receive the New Market Tax Credits; more than 250 government entities, nonprofits and other groups applied.

The tax credits will go to investors in "Community Development Entities," groups formed to undertake projects in low-income neighborhoods. The cedits are designed to draw private investment into those communities.

"This is great news for Pittsburgh," Mayor Luke Ravenstahl said in a statement. "This award will leverage millions of dollars of investment into businesses and real estate projects to create jobs and promote growth in our neighborhoods."

U.S. Sen. Bob Casey, D-Pa., and Rep. Mike Doyle, D-Forest Hills, supported the URA's application.

By Joe Smydo, Pittsburgh Post-Gazette


Recent Posts


Tags

real estate attorney, ma american symphony orchestra Response Action Outcome cleantech cities solar energy credits recapture 50% of remediation expenses, Boston Historic tax credits, MA new york pops film tax credits, MA tax credit investments independent gas station owners tax break for renewable energy projects heat and power PTC, Boston commercial tax credits, Lowell federal energy regulatory commission San Francisco tax credits to fix up historic buildings low-income housing tax credits Brownfields tax credit, Massachusetts renewable energy development historic property preservation, Boston private sector investments preservation of historic buildings renewable energy projects renewable energy, Boston power generation, Boston Quincy Broad Medows Salt Marsh solar investment tax Transactional Law Group Business Financing tax credit programs, New Bedford declining property values oil spill federal ITC on-site power generation tax credits for remediation tax breaks historic rehabilitation 1603 Treasury Grant commercial properties ITCs wind farm development commercial real estate in MA historic rehabilitation tax incentives, Boston Tax Credit small business investment objectives REIT industry portability of tax credits brownfields tax-credit program solar investment tax credit disaster relief, Boston Brownfields Act, MA film credits, MA brownfields tax incentives, Boston remedy operation status solar farms production tax credit renewable energy grants tax credit consultant, Boston Boston Marathon investors in renewable energy EB-5 Regional centers Federal Historic PreservationTax Credit brownfield cleanup program clean energy site clean up, Boston solar installations tax credit sydication what is Brownfields tax credit, Boston ITC green energy projects commercial buildings real estate cost of producing renewable energy historic rehabilitation, Boston Louisianna free up capital Federal Historic Rehabilitation Tax Credit commercial building tax deductions federal tax credit, Boston federal historical tax credits new market tax credit tax planning strategies commercial renewable engery credit, MA production tax credit, Boston sale of tax credits ITCs, MA renewable energy tax credits, Boston energy tax credits investing in commercial real estate investing in surface lots development in Massachusetts engery tax credit, MA real estate attorney secure capital historic tax credit, Boston LSPA, Boston state historical tax credits BP Gas station owners office space development of the renewable energy industry traditional funding borrowing by small businesses cleantech LIHTC Brownfield sites, Boston investing in apartment projects, MA Nelson Mandela solar power PTC investing in commercial real estate, Boston federal government hydro electric power capped landfills brownfields Credits, MA federal historic tax credit tax credt alternate funding real estate lawyer The Transactional Law Group - MA Brownfields tax credt real estate development capitalism informational technology NIMBY not in my back yard energy production Massachusetts sale of a tax credit private sector investment renewable energy facility ITC, Boston state historic tax credit renewable energy incentives global energy demand solar panels ITC for non-profits renewable tax credits, Boston building improvements wind tax credits, Boston credit for income producing properties wind energy tax credit, Boston Chapter 40B explained capital wind incentive Brownfields sites, MA expiring tax credits energy efficient property commercial tax credits, Fall River brownfield redevelopment, CT QECBs boycotting BP gas stations market rate program, MA EB-5 Massachusetts BTC, Boston Kirshenbaum Law, Cherry Tree, LLC, Real Estate, MA non-renewable energy sources equity investments new markets investments Historic credits, RI multi-family housing, MA brownfields tax credit, CT solar power initiative solar pilot program new market credits tax-excempt bonds state tax credits, MA new markets tax advantaged development Brownfields tax credt, Boston destructive oil spill private equity, MA tax credits for environmental clean up, Boston permitting procedure list of brownfields sites Historic credits economically distressed areas rehabilitating historic buildings, Boston federal historic tax credit, Boston distressed asset investment fund low-income neighborhoods private equity offerings Boston's one fund Brownfields tax credt, MA tax credit syndication business investment renewable energy tax break EB-5 Green Card Program REITs, Boston Massachusetts tax credit program federal investment tax credit environmental remediation projects BTC credits, Boston brownfields laws state and federal tax credits, Boston wind power wind production tax credit solar energy transfer of tax credits loaning money to consumers selling tax credits for cash renewable resources marine and hydrokinetic, solar tax deductions capital raising questions, MA new market new markets tax credits Housing Development Incentive Program, Quincy Broad Medows Salt Marsh alternative funding sources commercial real estate credits energy companies Boston NMTC methods of renewable energy production raising capital, MA renewable energy tax credit wind subsidies monetization of ITC, Boston commercial tax credit program, MA economic slump historic remediation, MA rural energy for america program tax incentives brownfields tax credit, Boston economy capital funding tax credit to spur redevelopment deepwater horizon oil spill renewable energy tax credtis, Boston tax credits for developers film tax credit, Boston selling tax credits recession wind energy tax credit new energy technologies BTC program Kirshenbaum Real Estate converting tax credits to cash fuel cell initiatives brownfields redevelopment, MA tax credits, MA market rate housing tax credit, MA community development financial institutions ROS tax credits for historic rehabilitation Massachusetts historic rehabilitation tax credit NYC tax credits real estate investments tax credits for development historic and low income housing geothermal Brownfields Tax Credit Applications Housing Development Incentive Program, MA hydro power Massachusetts Brownfields Tax Credits citizens housing and planning association American Recovery and Reinvestment Act of 2009 - Section 1603 state tax credits Brownfields tax credit program, Boston MA Brownfields tax credt new clean power generation tax credits for contaminated property federal tax incentives, Boston brownfields redevelopment distressed assets Massachusetts brownfields tax credits, Boston news clean technology renewable energy projects, Boston commercial real estate investment capital finance renewable energy expensive to produce tax credit brokers and syndicators cleantech capitals Brownfields tax credt program, Boston federal tax credits, Boston small residential properties production tax credits financing tax credit programs 40B credited with spurring upwards of 80% new development thayer morgan interivew hedging transactions Fim Tax Credits engery credit, MA debt-service disaster recovery assisstance, Boston renewable energy jobs sydicator of tax credits urban redevelpment Massachusetts Contingency Plan CHAPA community development entity private equity brownfields, MA tax credits for cleaning up property brownfields tax credit, MA outsourcing tax credits, RI historic building tax credit, New Bedford solar expansion Radio Entrepreneurs more control over financing costs preservation of mills economic development bill, MA monetizing your tax credits Brownfield tax credits, Boston Historic rehabilitation tax credits, MA tax credits on brownsfields investment tax credtis, Boston Massachusetts brownfields tax credits, MA FERC solar projects Brownfields Tax Credits, MA energy systems MA qualified energy conservation bonds energy efficiency improvement projects banking wind renewable energy credits, MA Martha's Vineyard Money Matters movie tax credit Historic PreservationTax Credit investment tax credits laws of Brownfields Massachusetts Brownfields Tax Credit Applications REAL program financing solar installations residential real estate trash facility RECs, MA real estate strategy gas station loss of income affordable housing Brownfields tax credit application process, Boston sources of funding devastating environmental damage largest accidental marine oil spill LIHTCs renewable energy credits, Boston small business loans construction jobs solar renewable energy credits community block grants making money with commercial real estate Brownfields program, MA The Cherrytree Group wholesale acquisitions Austin tax credit consultant state film tax credits, MA state historic tax credits capital requirements Cape Cod tax advantages, Boston how REITs works Quincy, MA Radio Entrepreneurs Show Money Matters Radio Brownfields tax credit program commercial real estate investments historic rehabilitation credits renewable energy infrastructure investment workforce development rehabilitation investing in apartments, MA rownfields Act New Markets Tax Credit, Boston fuel cells new market program Massachusetts tax credits solar power development tax credits for wind power, Boston commercial real estate attorney historic tax credit renovation projects construction commercial energy tax deductions brownfields tax credits, Boston credit line funding renewable energy tax credits, MA Massachusetts gas station owners biomass facilities energy tax credit investing in surface parking lots solar power project development non-bank resources for capital funding solar energy array projects Historic Preservation Investment Tax Credit multitude of renewable resources real estate investment, Boston multi-family construction business solar investment tax credit real estate, Boston commercial tax credts, Boston tax relief private equity offerings, ma San Jose commercial wind power LSP's Boston visas for buying homes biomass power deduction for energy efficient buildings BP oil spill buy commercial real estate, MA Massachusetts Brownfields tax credit, Boston renewable energy certificates historic tax credits, Boston foreign investment Brownfields program, Boston solar energy markets residential properties renewable energy program community development wholesale energy offshore wind developers, Boston, MA property-tax savings Federal Historic PreservationTax Incentive Program tax credits for gateway cities, New Bedford Housing Development Incentive Program commercial tax credits Historic tax credits, RI green standards Massachusetts state tax credits energy self sufficient build green tax credit broker build a wind farm community rehabilitation tax incentive deals film tax credit money, MA brownfields redevelopment, CT distressed asset investment Gulf Coast victimized sale of renewable energy credits equity requirements real estate properties investing in real estate in MA Chicago renewable energy, MA Massachusetts BTC Brownfields Tax Credit process equity brownfields projects, MA ITCs, Boston real estate deals environmental remediation tax credits investment tax credit for non-profits Brownfields Act, economically distressed areas, Massachusetts Brownfields Tax Credits, Massachusetts Contingency Plan, MGL Ch 21E, RAO, remedy operation status, renewable energy, sale of tax credits, tax advantaged development, tax credit syndication, tra wind power technology large capital projects buy real estate, MA solar facilities commercial leases BTC, Massachusetts wind power, Boston historic rehabilitation tax credit federal and state tax credits Historic tax credits monstrous oil spill partial equity participation Lillian Clark private equity' midterm elections solar energy production renewable energy credit SREC distressed asset investing investment into business MGL Ch 21E microturbines rehabilitate properties commercial real estate lawyer invest in commercial real estate clean energy projects federal low income housing tax credit HUD insured mortgages LIHTC tax credits extension of BTC, Boston renewable energy funding RECs Historic Boston tax-credit program RAO historic preservation tax incentives, Boston contractors, Boston, MA foreign investors obtaining capital 1603 Grant federal tax Credit solar initiatives downturn new housing developments developing real estate in MA invest in development projects gasoline price fixing investments in solar energy developing real estate, MA tax deductions business loans BTC's, Boston real estate business asset film tax credit economic growth foreign capital new normal polluted sites tax credit, New Bedford green energy depressed and booming markets tax incentives and credits negative environmental effect federal tax credits wind farm tax credit Commercial Real Estate Loan Amortization Periods real estate lawyer, MA historic rehabilitation tax credits, Boston solar and wind power solar energy properties commercial real estate owners massachusetts BTC program, Boston cherrytree group llc private equity offerings venture development capital MA Brownsfield tax credit develop renewable energy systems business Massachusetts brownfields tax credit production tax credtis, Boston HTC, Boston historic preservation tax credits, Boston low income housing tax credits american recovery and reinvestment act converting tax credits to cash, MA brownfields tax credit energy efficient tax deductions BTC application process, Boston income tax credit investing in parking lots real estate investment trusts, Boston Cape Wind wind energy credit CherryTree Group wind tax credit power generation, MA visas for imigrants private investments Commonwealth Solar Rebate Program environmental remediation new markets tax credit program owns a property that may be a Brownfields site BTC capital line funding solarize Massachusetts venture capital tax credits speaker series wind engery tax credit, MA renewable energy industry Historic rehabilitation tax credits solar system commercial tax credits, Boston invest in real estate economics of environmental projects environmental projects renewable energy tax credits distressed asset sales SRECs massachusetts non-profit BTC program, Boston Rhode Island American Renewable Energy and Efficiecy Act, Boston wind energy credits renewable energy credits real estate investment trusts hydro energy production brownfields tax credits tax credits Project Hope new market tax credits investment tax credits, MA thayer morgan Yelena Tsvaygenbaum renewable energy tax credit, Boston real estate projects landfill gas facility investments gasoline market manipulation sustainable technology Brownfields programs solar energy development Chapter 40B vote results REIT investments Seattle Massachusetts film tax credit Former Getty owners brownfields credits, Boston motion picture tax credits commercial tax credits, MA borrow money Summertime Economy in Boston ROA BTC, Boston examine tax credits distressed asset investment fund, ma Fim Tax Credit revenue tax credits to help economy REIT brownfields value-added services the difference between tax credits and tax deductions solar ITC Brownfields sites rehabilitation of historic buildings, Boston extending Brownfields tax credit, Boston tax advantages commercial tax credit attorney commercial tax credit finance historic rehabilitation tax credit, Boston film tax credit incentives tax credits, Boston solar capacity EPA brownfields grant money weak economy financial incentives to develop real estate in MA expensive to produce tax credit consultants, Boston HTC Brownfields credits monetize a renewable energy tax credit, Boston Massachusetts Ballot Questions, Question 2 Explained Plymouth, MA money lending asset stripping site remediation business capital RI brownfields projects, Boston biodiesel brownfields, CT invest solar energy tax credit restoration projects multi-family apartments historic preservation tax credit commercial tax credits, New Bedford REITS geothermal power investment tax credit historic preservation tax credit, Boston tenant representative federal new market tax credits Warren Kirshenbaum

Archive