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

Dodgers World Series tickets will cost big bucks in secondary market

first_imgDemand at Dodger Stadium has long been high. The Dodgers led the majors in attendance for the fifth consecutive season in 2017, averaging 46,492 fans per game. More than 3.7 million people came through the turnstiles. Capacity at Chavez Ravine is listed at 56,000.Yankees fans searching the marketplace will have it only marginally better should their team beat the Houston Astros in the American League Championship Series to advance to the World Series.Tickets for a possible first home game of the World Series at Yankee Stadium ranged from $417 to $15,927 Thursday night on ticketnetwork.com. The high-end ticket will gain the holder entrance to the plush Legends Suite which, according to the team’s web site, offers “first-class accommodations, with seating options so close to the action you could make the call at home plate” and “the finest dining experience in all of sports.”Bon appetit. In the market for tickets to the World Series? Prepare yourself for some sticker shock.The secondary market appears to be the way to go for those who are determined to see the Dodgers play a World Series game for the first time since 1988. And some of the prices will make your head spin, or your credit card max out.As of Thursday night, tickets for a possible World Series Game 1 at Dodger Stadium started at $925 on StubHub.com, up nearly $200 since the same time on Wednesday. Most of the seats in that price range were in the upper deck.  Among the tickets listed under “best value” were Field Box seats between home plate and the first-base dugout, listed at $2,800 range.Related Articles Dodgers slam Cubs, reach first World Series since 1988 NLCS Game 5 Dodgers highlights: Kiké Hernandez slams Cubs center_img For the money-is-no-object crowd,  there were Dugout Club seats listed at $21,500. Each. Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more

Matej Marin Winner Of Sarajevo Grand Prix

first_imgThe winner of the international cycling race Sarajevo Grand Prix, which was held today, is Matej Marin.The second place in the race was won by the Italian Christian Delle Stelle and a third  by Andrea Vacher.This event, organized by the International Cycling Union (UCI), brought together 150 cyclists and 24 teams. Fastest BH contestant was Mujo Kurtovic.In addition to the official, the race for amateurs” Sarajevo Tour “a cycling tour fromEast Sarajevo to Sarajevo, was held as well.(Source: Fena)last_img read more