Travevling through downtown Fort Wayne, I was surprised to see work on the Harrison Square. Until I read this headline:
1. be a domestic corporation or partnership at the time of the certification application;
2. demonstrate a primary a mission of serving, or providing investment capital for, low-income communities or low-income persons; and
3. maintain accountability to residents of low-income communities through representation on a governing board of or advisory board to the entity.
The New Market Tax Credit (NMTC) is part of the Community Renewal Tax Relief Act of 2000. The NMTC program was created in January 2000. The tax credit was allocated for the first time in 2001. The Treasury Department awarded tax credits in 2002 on $2.5 billion in projects to spur development in poor neighborhoods. The tax credits will be passed on to investors, which include banks, insurance companies, investment banks, corporations, and individuals.
The next round of tax credits will equal $1.5 billion and the Treasury Department will likely issue them by mid-2003. In 2004 and 2005, another $2 billion each year will be issued, and $3.5 billion will be available in both 2006 and 2007. Unlike other tax credits created to benefit low-income communities by addressing housing, this tax credit is aimed at businesses. The hope for the NMTC is that it will generate $15 billion in new investment capital over a seven-year period from private companies and individual investments for businesses in low- and moderate-income communities.
Increasing the flow of private capital into low-income areas is the primary objective of the NMTC program. The investment capital generated through the program will give businesses in under-served communities the ability to weather temporary economic downturns and to expand in economic upturns. Investors in the program's Community Development Entities (CDEs) will receive a credit against their federal income taxes that may reach as high as 39 percent over the seven-year period.
Organizations should apply to the Department of the Treasury's CDFI Fund both to be certified as a CDE and to receive an allocation of NMTCs. However, only for-profit CDEs can apply to the CDFI for a tax credit allocation since nonprofit corporations cannot offer equity to investors. For most nonprofit entities, it will be necessary to set up a for-profit affiliate to receive the credits. Community Development Corporations that establish for-profit subsidiaries, limited liability companies, or partnerships would then be eligible for equity investments by NMTC investors.
The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Qualified CDEs apply to the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund for an allocation of the new markets credit. A CDE will seek taxpayers to make qualifying equity investments in the CDE. The CDE will be required to use substantially all of the qualified equity investments to make qualified low-income community investments in qualified active low-income community businesses (QALICBs), discussed later. After the CDE is awarded a tax credit allocation, the CDE is authorized to allocate the tax credits to private equity investors in the CDE. The NMTC Program is administered by the Community Development Financial Institutions Fund of the United States Treasury and is designed to promote investment in low-income communities by providing a tax credit over seven years for equity investments in CDE's.
But I don't see anything about low-income in the New Harrison, LLC and PNC Bank in the article found on the City of Fort Wayne website. The article is below:
Fort Wayne, Ind. – Mayor Tom Henry today confirmed that the New Markets Tax Credit component of the financing package for The Harrison has been secured and deployed. With this news, the last section of Harrison Square hits another important milestone along its development path.
These federal tax credits represent an essential portion of the funding for the estimated $18.5 million project that will bring new housing, office and commercial options into downtown Fort Wayne. This element was coordinated by the City of Fort Wayne through its Fort Wayne New Markets Revitalization Fund, working in concert with the principals of New Harrison, LLC, and PNC Bank.
“The Harrison’s private-sector partners are committed to the success of this final piece of Harrison Square,” said Mayor Henry. “The completion of the New Markets Tax Credit process and the ongoing activity on site are strong signals that this exciting addition to downtown Fort Wayne is confidently gaining momentum.”
The Monday announcement precedes the January 17 date designated as the deadline for finishing the New Markets Tax Credit work.
Part of the Community Renewal Tax Relief Act of 2000, the New Markets Tax Credit program is administered by the U.S. Department of Treasury. It creates a tax credit for equity investments in Community Development Entities to encourage location-based development projects. It provides the ability to offer lower-than-market-rate financing products for approved initiatives that advance local economic growth goals. Investors are permitted to take the credit over a seven-year period, at phased rates.
An update from the development team on The Harrison’s progress is anticipated in the near future.
In December, the City wrapped up its preliminary site-preparation work for The Harrison, part of its responsibility under the development agreement to make the setting “build-ready.” At a cost of approximately $80,000, the requirement included removing debris and unsuitable soil from the Jefferson Boulevard at Ewing Street location.
The Harrison is the concluding corner piece of Harrison Square, the private-public initiative composed of the record-breaking Parkview Field, home of the popular TinCaps; a hospitality-sector boosting Courtyard by Marriott hotel; a convenient 900-space parking garage; and the scenic Robert E. Meyers Park. Flourishing from the outset, this signature, city-center development has become a major economic-activity generator for the entire region. ***
Wouldn't this be in violation of federal law..someone call 911..
Mayor Heartened by Completion of New Markets Tax Credits, Ongoing Site Work
And at that point I was once again reminded African-Americans get shafted once again to deepen the pockets of rich so called white folks I remember that to qualify as a Community Development Entities for the New Markets Tax Credits, an organization must:1. be a domestic corporation or partnership at the time of the certification application;
2. demonstrate a primary a mission of serving, or providing investment capital for, low-income communities or low-income persons; and
3. maintain accountability to residents of low-income communities through representation on a governing board of or advisory board to the entity.
The New Market Tax Credit (NMTC) is part of the Community Renewal Tax Relief Act of 2000. The NMTC program was created in January 2000. The tax credit was allocated for the first time in 2001. The Treasury Department awarded tax credits in 2002 on $2.5 billion in projects to spur development in poor neighborhoods. The tax credits will be passed on to investors, which include banks, insurance companies, investment banks, corporations, and individuals.
The next round of tax credits will equal $1.5 billion and the Treasury Department will likely issue them by mid-2003. In 2004 and 2005, another $2 billion each year will be issued, and $3.5 billion will be available in both 2006 and 2007. Unlike other tax credits created to benefit low-income communities by addressing housing, this tax credit is aimed at businesses. The hope for the NMTC is that it will generate $15 billion in new investment capital over a seven-year period from private companies and individual investments for businesses in low- and moderate-income communities.
Increasing the flow of private capital into low-income areas is the primary objective of the NMTC program. The investment capital generated through the program will give businesses in under-served communities the ability to weather temporary economic downturns and to expand in economic upturns. Investors in the program's Community Development Entities (CDEs) will receive a credit against their federal income taxes that may reach as high as 39 percent over the seven-year period.
Organizations should apply to the Department of the Treasury's CDFI Fund both to be certified as a CDE and to receive an allocation of NMTCs. However, only for-profit CDEs can apply to the CDFI for a tax credit allocation since nonprofit corporations cannot offer equity to investors. For most nonprofit entities, it will be necessary to set up a for-profit affiliate to receive the credits. Community Development Corporations that establish for-profit subsidiaries, limited liability companies, or partnerships would then be eligible for equity investments by NMTC investors.
The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes for making qualified equity investments in designated Community Development Entities (CDEs). Qualified CDEs apply to the U.S. Department of Treasury's Community Development Financial Institutions (CDFI) Fund for an allocation of the new markets credit. A CDE will seek taxpayers to make qualifying equity investments in the CDE. The CDE will be required to use substantially all of the qualified equity investments to make qualified low-income community investments in qualified active low-income community businesses (QALICBs), discussed later. After the CDE is awarded a tax credit allocation, the CDE is authorized to allocate the tax credits to private equity investors in the CDE. The NMTC Program is administered by the Community Development Financial Institutions Fund of the United States Treasury and is designed to promote investment in low-income communities by providing a tax credit over seven years for equity investments in CDE's.
But I don't see anything about low-income in the New Harrison, LLC and PNC Bank in the article found on the City of Fort Wayne website. The article is below:
Fort Wayne, Ind. – Mayor Tom Henry today confirmed that the New Markets Tax Credit component of the financing package for The Harrison has been secured and deployed. With this news, the last section of Harrison Square hits another important milestone along its development path.
These federal tax credits represent an essential portion of the funding for the estimated $18.5 million project that will bring new housing, office and commercial options into downtown Fort Wayne. This element was coordinated by the City of Fort Wayne through its Fort Wayne New Markets Revitalization Fund, working in concert with the principals of New Harrison, LLC, and PNC Bank.
“The Harrison’s private-sector partners are committed to the success of this final piece of Harrison Square,” said Mayor Henry. “The completion of the New Markets Tax Credit process and the ongoing activity on site are strong signals that this exciting addition to downtown Fort Wayne is confidently gaining momentum.”
The Monday announcement precedes the January 17 date designated as the deadline for finishing the New Markets Tax Credit work.
Part of the Community Renewal Tax Relief Act of 2000, the New Markets Tax Credit program is administered by the U.S. Department of Treasury. It creates a tax credit for equity investments in Community Development Entities to encourage location-based development projects. It provides the ability to offer lower-than-market-rate financing products for approved initiatives that advance local economic growth goals. Investors are permitted to take the credit over a seven-year period, at phased rates.
An update from the development team on The Harrison’s progress is anticipated in the near future.
In December, the City wrapped up its preliminary site-preparation work for The Harrison, part of its responsibility under the development agreement to make the setting “build-ready.” At a cost of approximately $80,000, the requirement included removing debris and unsuitable soil from the Jefferson Boulevard at Ewing Street location.
The Harrison is the concluding corner piece of Harrison Square, the private-public initiative composed of the record-breaking Parkview Field, home of the popular TinCaps; a hospitality-sector boosting Courtyard by Marriott hotel; a convenient 900-space parking garage; and the scenic Robert E. Meyers Park. Flourishing from the outset, this signature, city-center development has become a major economic-activity generator for the entire region. ***
Wouldn't this be in violation of federal law..someone call 911..
