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 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 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 /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:

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


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