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: www.cdfifund.gov.Like Governor Tom Wolf on Facebook: Facebook.com/GovernorWolflast_img read more

Private markets roundup: bfinance sees increase in Q1 manager searches

first_imgRecent research conducted by investment consultancy bfinance shows that rather than a slowdown in manager search activity, the first quarter of the year brought a rise in new mandates launched by the firm’s clients.This was particularly true in private markets, which represented 52% of all searches initiated in the quarter.The data is from a recently completed quarterly report assessing how different diversifying strategies have performed in Q1 2020, alongside equity, fixed income and private markets.Most equity searches in 2019 had a quality or defensive undertone and these styles were strongly rewarded in Q1: a composite of quality-focused active equity managers outperformed the MSCI World by almost 8% and also beat quality-tilted indices, the research showed. Private markets – which include private equity, real estate, infrastructure, private credit and others, accoding to bfinance – represented 43% of all searches initiated in the 12 months to 31 March 2020, and a record 52% of those initiated in Q1.“Indeed, Q1 has not only seen a surge in private markets activity but a surge in search activity overall,” bfinance said. The quarter saw 32% of the year’s new mandates, and the number of searches was up 17% against Q1 2019.“This activity falls into two main categories: investors proceeding with their previous plans across all asset classes despite the COVID-19 turmoil and investors seeking to position themselves appropriately for a new environment, although the latter is still at a very early stage and we have not yet seen activity based on terminations,” the firm said.It added: “Private markets strategies are a logical beneficiary of current conditions, given the historically outstanding results of post-crisis vintages and the lower sensitivity to market timing: the date of the commitment does not determine the date of entry, since – depending on the strategy – it can take months or years for money to be deployed.”Investors await valuation “capitulation” in private markets, with the buyer-seller expectation mismatch likely to take a further one or two quarters to resolve, bfinance disclosed.The study has found that it was a ”rough quarter for investment grade credit managers who struggled to beat their benchmarks due to high credit risk exposure”. Only 32% of European active managers beat the benchmark in March, as did 40% of US active managers.High yield bond managers, on the other hand, benefited from being conservatively positioned relative to their benchmarks, the consultancy found.The research also showed that multi asset strategies continue to dominate new mandates in the liquid alternatives sector, in part due to the trend towards “outcome-oriented” or “sector-agnostic” manager searches.Certain sectors within multi asset showed impressive resilience in Q1, with the global absolute return strategy (GARS) cohort down just 2.1%.Setter Capital survey shows managers expect a 18.5% decrease in fundraisingAdvisory firm Setter Capital has produced a special report that shows that fund managers expect fundraising in 2020 to decrease by 18.5% from the record level raised in 2019.Debt-related fund managers were the most optimistic, as they expect fundraising to increase by 5%, while venture managers felt it would decrease by 29.1%.The firm’s report summarizes the results of a 12-question survey completed by global managers of alternative investment funds conducted in mid-April 2020.“Given the recent market turbulence, we wanted to ascertain the likely effects the coronavirus pandemic will have on private market fund investors and managers,” the firm stated.Setter Capital asked general partners (GPs) the same questions that GPs, limited partners (LPs), and secondary buyers and sellers have asked the advisory firm directly relating to fundraising and capital calls under the current volatile climate.The firm received responses from 72 fund managers, who agreed to share their confidential views.According to the research, 94% of respondents thought “we are heading into a recession”, while only 1% were unsure and 4% thought a recession would be avoided.Results also showed that 69% of respondents expected public markets would retest March lows, sometime in the next six months, and respondents predicted that the public markets at the end of 2020, would be down 12.6% from the start of the year.Respondents on average felt capital calls would not change much in the coming nine months, as they estimated a 0.7% decrease versus the prior nine months.Debt-related fund managers were the exception, as they expected capital calls to increase by 20% on average, the study revealed.Over the next nine months, 35% of all capital calls would expected to be used to support existing portfolio holdings and the balance to make new investments, it showed.While this is the average across all strategies, venture capital (VC) fund managers expected 48.9% of capital calls would be used to support existing holdings, while buyout funds expected that figure to be 28.7%.The study also showed that respondents expect distributions to fall 34.3% over the three quarters, as compared to the preceding nine months.VC fund managers were most bearish, as they estimated distributions would drop by 43.5%, while debt-related fund managers felt they would only drop by 22.5%.Setter Capital also found that fund managers, across the board, expected an increased need to tap the secondary market over the next nine months, as an alternate source of financing and liquidity.To read the digital edition of IPE’s latest magazine click here.last_img read more

BPL Weekend matches

first_imgTHIS WEEK’S MATCHESSPORTSMAX 2SATURDAY7:45 a.m. WEST HAM VS SUNDERLAND12:30 p.m. WEST BROM VS CRYSTAL PALACE5 p.m. SOUTHAMPTON VS CHELSEA7 p.m. WATFORD VS BOURNEMOUTH10:45 p.m. STOKE VS ASTON VILLASUNDAYSPORTSMAX 29 a.m. MAN U VS ARSENALSPORTSMAX9 a.m. TOTTENHAM VS SWANSEAlast_img

BREAKING! Sunderland to sign Netherlands international in £12million deal

first_img1 Sunderland are closing in on Dynamo Kiev attacker Jeremain Lens.The Black Cats have tracked the pacy winger all summer and they now look to have beaten Turkish giants Besiktas to his signature.The Netherlands international confirmed he is keen on a switch to the Black Cats on Monday and is now set to undergo a medical and to complete the formalities on a £12million deal.“I have never made a secret of the fact that I like the Premier League. Despite Dynamo playing in the Champions League, now it seems like a great opportunity to make the switch,” he said.The move will reunite Lens with Dick Advocaat, the 27-year-old having previously worked under his compatriot during spells at AZ Alkmaar and PSV.He added: “We have previously worked well together at AZ and PSV. We know each other – that’s ideal. It’s not all there yet, but it should be clear that I am really keen on a transfer.”Subject to a successful medical, Lens will become Sunderland’s third signing of the summer as Advocaat continues to reshape a squad that finished just three points above the relegation zone last season.He will join Sebastien Coates and Adam Matthews in moving to the Stadium of Light in the close season. Jeremain Lens last_img read more

No Arsenal approach for French star, who is said to be ready to snub Rangers

first_imgArsenal have not made a move to sign Rennes star Yann M’Vila, his agent has told Goal.com, who suggest the midfielder is ready to reject a transfer to QPR.M’Vila is one of a number of French players on the radar of Rangers boss Harry Redknapp and is also said to be wanted by the Gunners.It has been claimed that Redknapp has had a £6.5 bid for the player turned down but plans to make another offer.But M’Vila’s representative Tim Hager is quoted as saying: “There is interest from a lot of clubs. Yann has a good contract at Rennes – it is possible that we can stay there and be patient.“Every transfer window we are asked about Arsenal because of what the newspapers say, but I have not spoken to them about Yann.”YTo4OntzOjk6IndpZGdldF9pZCI7czoyMDoid3lzaWphLW5sLTEzNTI0NjE4NjkiO3M6NToibGlzdHMiO2E6MTp7aTowO3M6MToiMyI7fXM6MTA6Imxpc3RzX25hbWUiO2E6MTp7aTozO3M6MjI6Ildlc3QgTG9uZG9uIFNwb3J0IGxpc3QiO31zOjEyOiJhdXRvcmVnaXN0ZXIiO3M6MTc6Im5vdF9hdXRvX3JlZ2lzdGVyIjtzOjEyOiJsYWJlbHN3aXRoaW4iO3M6MTM6ImxhYmVsc193aXRoaW4iO3M6Njoic3VibWl0IjtzOjMzOiJTdWJzY3JpYmUgdG8gb3VyIGRhaWx5IG5ld3NsZXR0ZXIiO3M6Nzoic3VjY2VzcyI7czoyODM6IlRoYW5rIHlvdSEgUGxlYXNlIGNoZWNrIHlvdXIgaW5ib3ggaW4gb3JkZXIgdG8gY29uZmlybSB5b3VyIHN1YnNjcmlwdGlvbi4gSWYgeW91IGRvbid0IHNlZSBhbiBlLW1haWwgZnJvbSB1cywgY2hlY2sgeW91ciBzcGFtIGZvbGRlci4gSWYgeW91IHN0aWxsIGhhdmVuJ3QgcmVjZWl2ZWQgYSBjb25maXJtYXRpb24gbWVzc2FnZSwgcGxlYXNlIGUtbWFpbCBmZWVkYmFja0B3ZXN0bG9uZG9uc3BvcnQuY29tIGFuZCB0ZWxsIHVzIHlvdSB3aXNoIHRvIHN1YnNjcmliZSB0byBvdXIgbmV3c2xldHRlci4iO3M6MTI6ImN1c3RvbWZpZWxkcyI7YToxOntzOjU6ImVtYWlsIjthOjE6e3M6NToibGFiZWwiO3M6NToiRW1haWwiO319fQ== Follow West London Sport on TwitterFind us on Facebooklast_img read more

South Africa, Malaysia sign science memorandum

first_img29 April 2014 A memorandum of understanding on science and technology co-operation was signed by South Africa’s Minister of Science and Technology, Derek Hanekom, and Ewon Ebin, the Malaysian Minister of Science, Technology and Innovation (STI), the Department of Science and Technology said in a statement last week. “The agreement is aimed at enhancing socioeconomic development in both countries through STI co-operation, and will provide a tremendous opportunity for both countries to share knowledge and experience,” the department said. Hanekom said the agreement would strengthen human capital development through the initiation of joint research projects and programmes between role players in the science and technology communities of both countries. Ebin described the agreement as “a strategic first step in fostering a smart partnership between our countries, reinforcing our commitment to promoting and developing co-operation in the field of science and technology”. “It has created a win-win situation for Malaysia and South Africa in terms of human resource development, technological and research development, economic growth and advancing ICT,” he said.Economic transformation Malaysia has been successful in transforming its agriculture-based economy since its independence in 1957, the department said. Over the years, the emphasis has shifted from rubber, tin and palm oil, to biotechnology, nanotechnology, pharmaceuticals and other high-tech industries. It has given priority to information and communication technologies. South Africa is on a similar trajectory, as it moves from a resource-based to a knowledge-based economy, the department said. “Like South Africa, Malaysia is one of the most bio-diverse countries in the world. It is a leader in bio-prospecting, and has had some success in commercialising local research results, so there are opportunities for knowledge sharing in this area.” Both South Africa and Malaysia identified specific areas of co-operation for discussion at the first South Africa-Malaysian joint committee meeting in Pretoria last week. The meeting was aimed at developing an action plan for bilateral co-operation over the next two years. Areas of focus include Antarctic research, ICT, energy security, innovation for inclusive development, sustainable human settlements, innovation and commercialisation, astronomy and the bioeconomy. The Council for Scientific and Industrial Research’s Meraka Institute, a unit focused on ICT, and its Malaysian counterpart, MIMOS, also signed a memorandum of agreement last week. The co-operation between the two institutes will include exchange programmes related to technology development and commercialisation. SAinfo reporterlast_img read more

Grain prices may not get needed boost from exports

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Grain prices during the month of January did little to encourage the bulls. They are holding hard and fast to their 2015 corn as they expect $4 or more yet to come this spring. Likewise those holding 2015 soybeans would like at least $9.50. Corn basis levels remained extremely flat as well during January. A western Ohio ethanol producer reached March plus 36 during the first week of January. By the end of the month, the basis had declined 7 cents to March plus 29. If corn continues to move out of bins in February, we could see additional basis jumps pushed back to near spring planting time.In bearish corn years of the past, we have seen four well-defined price cycles according to Steve Freed at ADM Investor Services. In the past, cycle lows have taken place in February, followed by cycle highs in April, cycle lows during spring planting in May, then finished by highs in July during pollination. It is possible to see 50-cent swings during those four periods. It is indeed something to pay attention to as many are expecting corn to continue to have great difficulty reaching above the $4 mark. Some think corn could fall to $2.90 by year’s end.Declining corn and soybean prices played a huge role in U.S. farm income falling from $120 billion in 2013 to nearly $60 billion in 2015. Land rents were driven higher during the prosperous years from 2008 to 2013 when returns per acre reached historic levels. Cash rent battles pitted farmer against farmer in the desire to farm more acres. Cycles have highs and lows and, at the time, each extreme feels like it could last forever.Further complicating cash rent levels have been the property tax bills of at least the past three years. Landowners have seen property tax bills double or even triple. Ohio’s current structure of determining agricultural property taxes is based in part on crop values years in the past. It will certainly create much discussion in the years to come. Producers and landowners are alike in that their bills can move higher when income does not.U.S. corn exports are currently pegged by USDA at 1.7 billion bushels with the January supply and demand report down 50 million bushels from the previous report. Some have already anticipated corn exports could drop to 1.6 billion bushels in coming months. Why the pressure on U.S. corn exports when they totaled 2 billion bushels or more years ago? Argentina and Brazil are growing more corn in than they did in 2005. They will be exporting more corn in the years to come. In fact, with the election of Argentina president Marci last fall, some are already expecting Argentina to become a powerhouse grain exporter. They have the ability to export 9 million tons each month of grains that include corn, soybeans, and wheat. The U.S. will have great difficulty reaching those export levels seen in the past.From 2005 to 2015 major world crop acres increased by 174 million acres. Those additional acres provided even more production to compete with the U.S. While the U.S. farmers enjoy the great advances that took place in technology and seed genetics, that combination pushed yields higher and higher. In addition, those yield increases were not solely limited to the U.S. During those years world corn acres increased 78 million acres, including a jump of 6 million U.S. corn acres. World soybean acres rose 72 million acres with 11 million of those acres in the U.S. World corn and soybean acres rose a total of 150 million acres in that total increase of 174 million acres.In the next eight weeks traders and producers will see several projections of corn and soybean acres for 2016. The March 31planting intentions report will set the tone for at least two months. The record El Niño currently entrenched in current weather patterns could easily provide a dry weather extreme for the northern one third of the U.S. Corn Belt.last_img read more

Trade association leaders plead for Congress to Act on tax extenders

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Executives from 11 national trade associations sent a letter to House and Senate leaders, highlighting the urgent need for Congress to extend the expired biodiesel tax incentive before the end of the year.The association executives state in the letter, “There is broad bipartisan support for the biodiesel tax credit, and we believe that Congress can, and must, pass an immediate extension before returning home at the end of the year.”“America’s farmers and rural communities are facing overwhelming economic uncertainty right now due to policy instability. They are waiting for Washington to complete work on trade deals and stabilize markets for U.S. agricultural output in China, Canada and Mexico. The economic hardships are spreading throughout the economy,” the executives write.“One thing Congress can do before the end of the year to help rural economies and provide some policy stability is extend the expired biodiesel and renewable diesel tax incentive.”Made from an increasingly diverse mix of resources such as recycled cooking oil, soybean oil and animal fats, biodiesel is a renewable, clean-burning diesel replacement that can be used in existing diesel engines without modification. It is the nation’s first domestically produced, commercially available advanced biofuel. NBB is the U.S. trade association representing the entire biodiesel value chain, including producers, feedstock suppliers, and fuel distributors, as well as the U.S. renewable diesel industry.Kurt Kovarik, NBB’s VP of Federal Affairs, adds, “Biodiesel producers simply can’t wait any longer. Ten facilities have been shuttered this year, and more are on the verge of making that painful decision. More than 250 million gallons of production is now offline, idling hundreds of workers and impacting thousands of jobs. Our industry needs Congress to act before the end of the year to stop more shutdowns and job losses.”last_img read more

Ilso and Anderson to part with Kedah

first_imgKedah Kedah set to lose both Ilso and Anderson for the 2018 campaign Ooi Kin Fai Last updated 2 years ago 07:45 17/9/2017 FacebookTwitterRedditcopy Comments(0) Ken Ilso, Zac Anderson, Kedah Kedah FA Kedah Super League Malaysia Cup Kedah will need to find replacements for Ken Ilso and Zac Anderson after both players announced that they will not be renewing their contracts Kedah look set to lose two key players at the end of this 2017 season after Ken Ilso and Zac Anderson both announced their coming departure from the team through their respective social media accounts on Saturday.This comes as a big blow for the Red Eagles and leaves them needing to seek for replacement to bolster their squad ahead of their participation in the 2018 AFC Cup competition.  Editors’ Picks ‘I’m getting better’ – Can Man Utd flop Fred save his Old Trafford career? Why Barcelona god Messi will never be worshipped in the same way in Argentina Lyon treble & England heartbreak: The full story behind Lucy Bronze’s dramatic 2019 Liverpool v Man City is now the league’s biggest rivalry and the bitterness is growing Both players have played an instrumental part in helping Kedah to lift the FA Cup this season as well as pushing Johor Darul Ta’zim in the Super League campaign.Ilso in particular has been a real revelation in his first season with the team, quickly adapting to the surroundings to become Kedah’s top scorer of the season. Finding the right replacement for a 20-goal a season striker is not an easy task.The loss of Anderson is also expected to hit Kedah hard. The burly defender has built up quite a reputation with the adoring Kedah fans, often seen leading the fans to chants or cheers after every win. The Australian centre back seemed to have struck up a good understanding and partnership with Khairul Helmi at the heart of Kedah’s defence, with his physical presence helping him to win many a challenge, whether on the ground or aerially.Both announcements looked a coordinated one with both players posting on their social media account immediately after helping Kedah secure an impressive 3-2 away first leg win over Selangor in the Malaysia Cup quarterfinal on Friday.However, the two players have vowed that despite their different paths next season, will continue to give Kedah their 100% until the end of the season.last_img read more

Miami Football: Video: Michael Irvin Discusses Diddy Incident At UCLA, Says He Had Cops Called On Him At Son’s Game

first_imgMichael Irvin making a face during a TMZ interview.YouTube/TMZSportsOn Monday, Michael Irvin Jr., a three star wide receiver/tight end, followed in his famous father’s footsteps and committed to Miami. Irvin Sr. starred at The U in the mid-late 1980s before a long, Hall of Fame NFL career for the Dallas Cowboys. Irvin spoke with TMZ Sports about his son’s decision, and the conversation turned to the incident involving Sean “Diddy” Combs at UCLA a few weeks ago. During the interview, Irvin shared an anecdote about being thrown out of one of his son’s games. Luckily, Irvin said no kettlebells were involved. We assume he’ll keep his cool when his son enrolls at The U next year.[TMZ]last_img read more