The tax-extending, $680 billion Protecting Americans From Tax Hikes Act of 2015 was today signed by President Barack Obama. The bills include an extension to the New Markets Tax Credit through 2019, at $3.5 billion annually, a permanent extension of the minimum 9 percent Low-Income Housing Tax Credit, and also extend the Investment Tax Credit and Production Tax Credit through 2021.
DVCI Receives 2015 Novogradac JTC Award Chicago, Illinois
The Novogradac Journal of Tax Credits today honored the winners of the 2015 Community Development QLICIs of the Year Awards at the Novogradac New Markets Tax Credit Conference in Chicago. The awards recognize community development entities that made exceptional qualified low-income community investments in the past year. DV Community Investment, LLC is proud to have won the award in the category of Real Estate QLICI for the Crosstown Concourse project. Jim Howard was in attendance to accept the Crosstown Concourse Real Estate QLICI of the Year Award on behalf of the CDE partners, lenders, and developers.
The massive Crosstown Concourse redevelopment is so aspirational that the half-dozen "entities" that subsidized the project's financing have just won a national award. The 2015 honor was bestowed by Novogradac Journal of Tax Credits, an authoritative source on the tax credit industry, including the New Market Tax Credit program. That 15-year-old federal program is designed to help revitalize low-income neighborhoods like the one surrounding Crosstown Concourse by making more capital available for projects that create jobs.
The cities of Thomaston and Cordele have more in common than their location in central Georgia. Both are rural, manufacturing communities and both have suffered thousands of job losses over shuttered factories. Now both are bringing back jobs and rebuilding their local economies with the expansion of two green businesses.
The Residence at Village Green – Grand Opening Colorado Springs, Colorado
The Residence at Village Green celebrated their Grand Opening today of the 28,150 square-foot assisted living facility in Colorado Springs, Colorado. The affordable housing facility has 44 units with 58 bedrooms and is a single-story structure designed to provide for an interior courtyard and simple design to fit well within the neighborhood. Village Green provides care to the elderly and those with special needs. Half of the units are set aside for households with less than 60% of area median income.
DV Renewable Financing, LLC (“DVRF”) is pleased to announce the $8 million financing of two Doosan Fuel Cells at California State University San Marcos (CSU) in San Diego, California. The innovative fuel cell project financing, an emerging renewable energy asset class, was made possible through a captive investment fund, managed by DVRF, utilizing $3 million in Investment Tax Credit equity, debt financing, and California State PUC’s Self Generation Incentives.
AeroFarms Groundbreaking Newark, New Jersey
Attended by Newark Mayor Baraka, New Jersey Secretary of Agriculture, Douglas F. Fisher, and New Jersey Acting Governor, Kim Guadagno, a host of dignitaries, investment partners, and members of the Ironbound Community, AeroFarms broke ground today on its 69,000 square foot, vertical, urban, farm and corporate headquarters. Utilizing a proprietary aeroponic growing system, AeroFarms will produce two million pounds of leafy greens per year. 78 new, direct, permanent, quality jobs will be created, with over 50% employing local community residents. Lauded as an innovative, clean industry, it replaces decades of industrial polluters in the area, the remnants of which continue to be remediated.
The Community Development Financial Institutions Fund announced the 76 Community Development Entities who were selected to receive New Markets Tax Credit allocations under the calendar year 2014 round. The New Markets Tax Credit allocations awarded totaled $3.5 billion in tax equity. Please download the PDF to the left to read the full article