cherrytree group llc logo
Quality for Tax Credits

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

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

Archive