Commonwealth Cornerstone Group Receives $80 Million of New Markets Tax Credits

first_imgCommonwealth Cornerstone Group Receives $80 Million of New Markets Tax Credits November 18, 2016 SHARE Email Facebook Twittercenter_img Press Release Harrisburg, PA – Governor Tom Wolf today announced that Commonwealth Cornerstone Group, a nonprofit community development entity (CDE) created by the Pennsylvania Housing Finance Agency, has secured $80 million in New Markets Tax Credit (NMTC) allocations. The tax credits are provided by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.This is the largest single award round since the New Markets Tax Credit Program was created in 2000. The number of minority-owned or controlled organizations receiving awards also nearly tripled from the previous award round.“To receive a New Markets Tax Credit award of this amount is tremendous,” said Governor Wolf. “These tax credits have proven their ability to attract private sector investment to distressed and low-income areas, providing much-needed jobs and economic stimulus. These will be put to use helping provide an economic spark for communities across the commonwealth.”CCG is one of 120 community development entities nationwide receiving an allocation of the total $7 billion in New Markets Tax Credits announced by the Treasury Department yesterday. Reflecting the tremendous competition for NMTCs, 238 CDEs had applied for tax credits; only 50 percent of the applicants received funding.With this newest allocation, CCG has received seven NMTC awards totaling $351 million, which it has used to fund 30 projects in the state. These NMTCs have stimulated the creation of more than 5,300 construction jobs and more than 4,200 permanent jobs.“This is the largest New Markets Tax Credit award ever provided to Commonwealth Cornerstone Group,” said Brian A. Hudson Sr., chairman of CCG and executive director and CEO of PHFA. “We appreciate the faith shown in us by the Treasury Department, and we’re excited about the positive impact this funding can have in communities large and small.”The goal of CCG is to use these tax credits to fund projects in key areas within communities to create business opportunities and spur economic revitalization. CCG will utilize the NMTC’s to provide loans and equity investments for business expansion, mixed-use development, and community facilities across Pennsylvania.Examples of past developments that have benefited from CCG’s investment of these tax credits include Bakery Square in Pittsburgh, the Stephen Klein Wellness Center in Philadelphia, and the Coal Street Community Facility in Wilkes-Barre, among others. More information about CCG and the developments it has funded is available on the Web.The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as community development entities. CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities.The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The CDEs, in turn, use the capital raised to make investments in low-income communities. Historically, for every dollar invested by the federal government, the NMTC program generates more than eight dollars in private investment.Today’s awards bring the total amount awarded through the New Markets Tax Credit Program to $50.5 billion. Since 2001, NMTCs have generated more than $42 billion in investments in low-income communities and businesses, resulting in the creation or retention of more than 500,000 jobs, and the construction or rehabilitation of more than 164 million square feet of commercial real estate.For more information about the U.S. Treasury Department’s Community Development Financial Institutions Fund, please visit: Governor Tom Wolf on Facebook: read more

Pennsylvania Long-Term Care Council Announces Blueprint for Strengthening Pennsylvania’s Direct Care Workforce

first_img May 09, 2019 Pennsylvania Long-Term Care Council Announces Blueprint for Strengthening Pennsylvania’s Direct Care Workforce Press Release Harrisburg, PA – Today, the Pennsylvania Long-Term Care Council (LTCC) released its Blueprint for Strengthening Pennsylvania’s Direct Care Workforce – a culmination of more than a year of work by the council and its committees to propose how to best address the commonwealth’s escalating direct care workforce crisis. The LTCC is a 35-member body charged with making recommendations on regulations, licensure, financing, or any other responsibilities of the departments and agencies that relate to Pennsylvania’s long-term services and supports system (LTSS).“Now is the time to take action on addressing Pennsylvania’s growing need for direct care workers,” said Governor Tom Wolf. “I believe that many of the blueprint’s recommendations and strategies can be achieved through Restore Pennsylvania and my proposal to increase the minimum wage.”The Pennsylvania Council on Aging voted unanimously to support the blueprint and the goals it sets out to achieve. A letter of support for the blueprint will soon be sent from the Council on Aging, to Governor Wolf and the General Assembly.“Each Long-Term Care Council and committee member was essential to the development of the blueprint and ensuring a comprehensive approach,” said Acting Secretary of Aging Robert Torres. “As chair of the LTCC, I am grateful for everyone’s efforts to put forth goals and recommendations that drive much-needed change.”The blueprint was developed after the LTCC voted to adopt the priority of recruitment and retention of direct care workers during its meeting on August 24, 2017. The goals include providing a living wage, enhancing the utilization of technologies, raising awareness, improving data collection, enhancing workplace culture, expanding the pool of potential workers, and better equipping direct care workers to meet the challenges of the profession.Some of the recommendations to achieve these goals include:• Establishing a minimum starting wage of $15 an hour for direct care workers by 2025, with annual increases thereafter indexed to inflation.• Expanding the availability and coverage of technology supports for both direct care workers and LTSS participants by improving the dissemination of information on technology for direct care, and providing greater investment in existing state supported programs.• Establishing a standardized core training and credentialing system for direct care workers, which provides career pathways throughout the continuum of LTSS.All recommendations developed by the council and its four committees – Access, Outreach, Quality, and Workforce – are the result of dialogue with direct care workers, consumers, providers, managed care health plans, and workforce experts. These recommendations are reflected to a large extent in previous Pennsylvania-based reports.In addition, Gov. Wolf will be tasking the Workforce Development Command Center to explore and carry out other recommendations made by the council.The LTCC finalized the blueprint and voted unanimously to support it during its meeting on April 18. Support for the blueprint is representative only of the Long-Term Care Council’s position and does not signify support of the council members’ organizations.You can access the Blueprint for Strengthening Pennsylvania’s Direct Care Workforce by visiting the Department of Aging’s website under “related reports and studies.”center_img SHARE Email Facebook Twitterlast_img read more

MP accuses Sports Minister and his deputy of playing football with World Cup budget figures

first_imgA ranking member of the Youth and Sports Committee in Parliament is accusing the Sports Minister and his deputy of playing football with the budget for Ghana’s preparation for the 2014 World Cup.According to Isaac Asiamah, the deputy Sports Minister Joseph Yamin told the Committee that an amount of 24 million cedis had been budgeted for the Stars’ preparation to Brazil 2014.But when the substantive minister Elvis Afriyie Ankrah appeared before the House on Tuesday, he said no figure has yet been budgeted for next year’s World Cup.The Minister said any figure mentioned could only be “speculative” because he has not received any budget from the FA.He ran the legislators through a tall list of sponsors including, Guinness, Ghana National Petroleum Corporation (GNPC), and their annual sponsorship sum, but insisted no budget has yet been made available.Speaking to Joy News, the Ranking Member of the Committee Isaac Asiamah deplored the controversy in the figures being bandied about. He found it intriguing that the Deputy Minister would tell Parliament that a figure of 24 million had been budgeted for the Black Stars’ preparation only for his substantive minister to rubbish the figures and describe it as purely speculative.Even more serious is the claim by the Minister that no budget has yet been made for the Black Stars in 2014, Isaac Asiamah argued.He said Parliament will by tomorrow pass the Appropriation Act which will empower the executive to spend monies for the 2014 financial year.So for the Minister to tell Parliament that there is no budget yet for the  Black Stars for the 2014 financial year is unacceptable.”Parliament has to be taken seriously” he told Joy News’ Evans Mensah, adding, he will pursue the case to its logical conclusion. In a reaction, the deputy Minister Joseph Yamin admitted that he had told the committee the budget for the Black Stars’ preparation was 24 million cedis but was quick to add that figure was only an estimate.According to him, the substantive Minister knew about the 24 million cedis estimate but did not say if he had the authority of the minister to disclose it to Parliament.last_img read more