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

Ahmed Musa, John Ogu set to clash in Saudi Arabia

first_img Loading… Super Eagles Captain Ahmed Musa and compatriot John Ogu will put aside the sweet banters of playing in the national team as they file out in opposing sides in the Kings Cup on Friday. Musa who has been enjoying a good run since joining Saudi side Al-Nassr from Russian side CSKA Moscow in 2018,will for the first time face a fellow Eagle in the Pro League following John Ogu’s move to relegation hunted Al Adalah . The two Nigerians will be cynosure of eyes as Al-Nassr fans hope to see Musa continue to tickle their fancy while Al Adalah fans hope that the coming of Ogu will help turn the fortune of the club and perhaps see them spring a surprise in the Kings Cup even as they continue to struggle in the league and in relegation waters. Ogu who joined the club on free transfer last Friday will all things being equal make his league debut away on January 25 against Al Ittihad. Al Adalah new sign John Ogu set for King Cup clash with Ahmed MusaAdvertisement Adalah were taken to the cleaners in their last league match by second played Al Hilal who after 7-0 scoreline were still eager to net more goals in what looked like a one sided encounter. Al Adalah have only managed to accumulate nine points in 14 matches placing 15th on the log just a point ahead of bottom placed Damak in the 16-team Pro league. Read AlsoJohn Ogu signs for Saudi relegation bound side Adalah Both Eagles it will be recalled were part of Nigeria’s squad to the last World Cup in Russia where the Genot Rohr tutored side failed to navigate past the group stage after losing 2-0 to eventual finalists Croatia, 2-1 to perennial rivals Argentina and beating Iceland 2-0. The king’s cup which commands a lot of followership was first played in 1957. FacebookTwitterWhatsAppEmail分享 center_img Promoted ContentThe Best Cars Of All Time9 Facts You Should Know Before Getting A TattooCouples Who Celebrated Their Union In A Unique, Unforgettable WayDid You Know There’s A Black Hole In The Milky Way?11 Most Immersive Game To Play On Your Table TopWhich Country Is The Most Romantic In The World?5 Of The World’s Most Unique Theme Parks5 Of The World’s Most Unique Theme ParksBest & Worst Celebrity Endorsed Games Ever Made2020 Tattoo Trends: Here’s What You’ll See This YearThese Popular Hollywood Stars Got Their Start On Soap OperasWho Earns More Than Ronaldo?last_img read more

Fans angry at United ‘shambles’

first_img Although many fans wanted Moyes out after such a woeful season, the Manchester United Supporters Trust (MUST) believes it was wrong for the story to leak nearly 24 hours before an official announcement was made. “It’s a PR shambles,” said MUST vice-chair Sean Bones. “Manchester United’s history shows they deal with things with class and dignity but that has not been the case here. “The story leaked before David Moyes has been spoken to, and that’s not the Manchester United way. There was no dignity or class in the way they went about it.” Although United fans never called for Moyes’ head during games, it was clear that support for the manager was eroding with each of the 11 league defeats suffered by the club this term. It was therefore no surprise that many chose to hail the news of his sacking when it was announced on the club’s official Twitter feed. Bones feels appointing Moyes was always going to be a gamble considering that the Scot’s only previous experience came managing Everton and Preston. “The appointment of David Moyes was seen by a lot of supporters as a risk,” he said. Moyes’ nine-month reign at Old Trafford came to an end on Tuesday when he was sacked following a meeting at 8am with vice-chairman Ed Woodward at Carrington. The dismissal did not come as a surprise as many national media outlets reported on Monday afternoon that Moyes was to be dismissed. “Moyes wasn’t proven at the very highest level, and Manchester United should be attracting the best and most proven managers in the world.” Ryan Giggs will take charge of the first team on a temporary basis but speculation has already begun about who United want as a long-term successor to Moyes. Most fans appear to want Borussia Dortmund manager Jurgen Klopp, although he is not thought to be high on United’s wanted list. Whoever succeeds Moyes, Bones fears for the future of the club while the Glazer family are in charge. “The problems lie a lot deeper than David Moyes,” he said. “They lie with the Glazers and how they run the club.” Manchester United have been accused of turning themselves into a laughing stock with their handling of David Moyes’ departure. Press Associationlast_img read more

COVID-19 disruptions see Flutter revise 2020 guidance

first_img Tabcorp expects $1bn hit as ‘COVID and retail contractions’ take effect August 3, 2020 Submit Share Related Articles Flutter moves to refine merger benefits against 2020 trading realities August 27, 2020 StumbleUpon FTSE100-listed Flutter Entertainment has become the first UK betting firm to revise its full-year 2020 corporate guidance.Issuing a market filing, Flutter anticipates that COVID-19 disruptions across core betting territories may result in a £90-110m decline in its group-wide full-year EBITDA results.Flutter governance has predicted that the COVID-19 outbreak will affect operations, as 78% of its group revenues are currently generated through bets placed on global sporting events.The estimated figures are based on the current assumption that the group’s UK and Irish shops will remain open, and that scheduled UK, Irish and Australian horse racing fixtures continue to run, albeit behind closed doors.A cancellation of horse racing events across the three regions, however, is expected to ‘incrementally reduce Group EBITDA by approximately £30m per month’.Commenting on the figures, Peter Jackson, Chief Executive, said: “The challenge currently facing our business and the industry more widely is unprecedented in modern times. Our focus, first and foremost, is on protecting the welfare of our employees and our customers and we will leave nothing to chance in this regard.“While our near-term profitability will be impacted by the essential measures being taken globally, the Board will remain focused on protecting shareholder value and managing the business through these turbulent times.”In its statement, Flutter confirmed that prior to the announcement of cancellations, trading in the quarter had been running ahead of expectations, which has largely been driven ‘by good customer momentum and favourable sporting results’. Better Collective cautious on quick recovery as COVID drags growth momentum August 25, 2020 Sharelast_img read more

Japan 2012: Falconets Nett N2m Each for Gallantry

first_imgThe Super Falconets appear well rewarded for their feat at the FIFA U-20 World Cup in Japan, as the Nigeria Football Federation (NFF) is understood to have paid each member of the team the match bonus and allowances of $13, 400 (about N2.1million).The bonuses and allowances covered the matches won and lost at the U20 World Cup and the days spent in camp outside the country.The players and their officials returned to the country Monday.Though the U20 ladies failed to match their own standard of a second finish in Germany two years, they earned public adulation for their robust and direct approach in Japan.While in Japan, the team attracted headlines at home as the public felt the bonus the NFF was paying to the players was not enough to motivate the team.It was in reaction to public sentiment that NFF President Aminu Maigari, caused a 100 percent bonus hike for the Falconets. The approved package raised their bonus from $1000- $2000 per player.According to authoritative sources at the ‘Glass House’, Monday night the increase not only boosted the ladies, but the package was back dated to cover the two group matches played before the federation approved the package.Nigeria defeated North Korea and Italy and drew with Brazil in between those fixtures. The Falconets beat Mexico in the quarter –final only to slump to two defeats in semi final to USA and third placed match against Japan.We gathered that the total match bonus paid to the Falconets by the federation’ was about $10,000 per player, excluding the camp allowances of $3400 for the days outside the country.The allowances covered 14 days in South Korea and 20 days in Japan.last_img read more