Diálogo: What are the Dominican Republic’s goals and priorities with regard to issues of national security and sovereignty right now? Gen. Joaquin V. Perez Feliz: The chief objective is to guarantee the defense of our national objectives in matters of national security, strengthening the security system, because in this way we’re able to more effectively confront challenges such as drug trafficking, illegal immigration, terrorism, environmental degradation, and all kinds of illicit trafficking. We also have to strengthen our legal and regulatory framework in order to strengthen the joint institutional structures of the Armed Forces, raise our operational level, and improve the institutional system of military intelligence, so that it can better support operations and better confront threats. Another aspect is to continue supporting the national police, in order to build a much more effective system of citizen security. Diálogo: What is the Armed Forces’ role in confronting the threat of illicit trafficking? Gen. Joaquin V. Perez Feliz: For the Armed Forces, the fight against illicit trafficking is a national high-priority objective and is a duty hallowed by the Constitution of the Republic. It’s our duty to confront transnational criminal activities that affect the country and its inhabitants. That is to say that we have to be strong and combat illicit trafficking of all kinds: drug trafficking, transnational crimes, arms trafficking, and human trafficking. Diálogo: Many countries in the region are studying the possibility of changing their constitutions precisely in order to allow the army to play a role that has belonged to the police until now. Gen. Joaquin V. Perez Feliz: For us, this is defined. We have the Armed Forces for defense and the police for public safety, but at any time when there’s an emergency situation, if the president so determines, we can act and support the national police. We even have a task force, Ciutran (Ciudad Tranquila [Peaceful City]), that supports the national police, especially at night. Diálogo: How has illicit trafficking affected your country? Gen. Joaquin V. Perez Feliz: Illicit trafficking in all its aspects is an evil that has affected not only the Dominican Republic, but all the countries of the world and of the region, including the United States, because crime corrodes families and brings insecurity. The Dominican Republic has invested large sums to counteract drug-trafficking organizations and has also established a good level of cooperation with other institutions, such as the state security agencies and the courts and public prosecutors. This has resulted in our being able to combat transnational crime and drug trafficking more effectively. Diálogo: What more should be done in order to combat these threats? Gen. Joaquin V. Perez Feliz: Despite the fact that we have some resources for the fight, such as the exchange of information, we have to continue with international support, because it’s not true that a country on its own can effectively combat a threat like illicit drug trafficking. Diálogo: What are the benefits of working with the United States and other nations to confront this regional threat and others like it? Gen. Joaquin V. Perez Feliz: The Armed Forces have resolved to be more active in the international arena in order to benefit from the experiences and capabilities of the United States and of other countries in the region. To this degree, we’ll be able to be much more effective, because despite the fact that there is a firm and decisive political will in the Dominican government to confront these plagues, we’ve benefited from support in the exchange of information and in training. For us historically, in our relationship with the United States on matters having to do with the Armed Forces and other institutions, the benefits have been extraordinary. Working with the United States has been very, very beneficial. Diálogo: What is your opinion on the effectiveness of the established parameters for combating the problems of crime and violence related to illicit trafficking in the Caribbean, the parameters promoted by the Caribbean Basin Security Initiative? (Implemented by the United States, the CARICOM member countries, and the Dominican Republic in May 2010) Gen. Joaquin V. Perez Feliz: The initiative is very interesting and has borne a lot of fruit for us, because it’s been demonstrated that no country on its own can successfully confront the threat of illicit trafficking and organized crime. The Dominican Republic is firmly supporting this initiative, to the point that we’ve participated in all the meetings and have placed our own plans at the initiative’s disposition. Hence the significance that the framework of shared responsibility with the United States and all the countries in the region has, because it’s going to be much more effective to combat drug trafficking, transnational crime, arms trafficking, and illicit trafficking. We’re fully on board with President Barack Obama’s initiative. Thanks to the support of the Dominican government and President Lionel Fernández, we in the Dominican Republic have currently reduced the network of illicit-trafficking flights considerably. We’re making progress, and we have the political will to continue constantly improving in the fight against illicit trafficking, which is threatening the region and the world. By Dialogo January 24, 2011
12SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Wendell Fountain Dr. Wendell V. Fountain has been President/Principal Consultant of Fountain & Associates Business & Management Consultants since 1984. Wendell is a credit union strategist, speaker, and author. He has … Web: www.wendellfountain.com Details I stay somewhat befuddled and perplexed about this business of requiring credit unions to be members of the Credit Union National Association (CUNA) as a prerequisite to joining a state league. Credit unions pay dues to both of these organizations. CUNA is not the U.S. federal government which requires all states to fall under its jurisdiction; although, like the federal government, CUNA has become somewhat bloated and duplicative. This requirement seems to violate the very tenets of freedom of choice. When I served on the board of a credit union, this issue resurfaced every year, and we usually capitulated and maintained our memberships in CUNA and our state league, but not all of us board members agreed on this approach. Since our organization was rather large, so were our dues, and some of us had difficulty in justifying the expenditure of our members’ money to CUNA. This prompted some of us to question the value we received for the services provided. In fact, there were occasions in which we questioned our need to even be a member of the state league.Most state league CEO’s are rather reluctant to challenge this dual requirement, and the reason, I surmise, is more political than anything else. Dave Adams, CEO/President of the Michigan League, believes that they (the league) should have control over its membership requirements, not an external entity which possesses common goals. After all, aren’t there already enough rules, regulations, directives, bulletins, procedures, and policies in existence governing credit unions without adding more? What’s wrong with mutual exclusivity? There is too much overlap in what the state leagues and CUNA do for the approximately 7,000 credit unions in the United States.Where is the justification for any state league to insist that a credit union must hold membership in CUNA? This is not intended to be a criticism of state leagues or CUNA, but historical practice is not a sufficient explanation. Just because CUNA is the largest trade association in America isn’t enough. Neither can it be justified on the basis of past practice. Something done in the past doesn’t mean that it should be continued into the future. Times, the economy, and conditions change. If the members’ money is to be expended, there should be sound financial and fiduciary grounds for that decision. Logically, this requirement could be extrapolated to include other trade associations such as the Credit Union Executives Society (CUES)–among others.I’ve always wondered about the action of the largest credit union in the world, Navy FCU, back in December of 2007 when it “disaffiliated” from CUNA. Today that organization has 5.7 million members and now exceeds $70 billion in assets. According to the Credit Union Times, dated December 6, 2007, the rationale provided then was because of the use of a lobbyist in common by CUNA and payday lenders. Simultaneously, as an aside, CUNA also “disaffiliated” with the Virginia Credit Union League at that time. From past experience, it seems to me that credit unions which have asset sizes in billions of dollars and large memberships do not, necessarily, need the services of CUNA. For that matter, for such credit unions, probably not even a state league membership is necessary.The question is why should this practice continue? The answer usually given is because CUNA and state leagues are important to smaller credit unions, and that is probably not arguable, but why should memberships of large complex credit unions be responsible for small or fledgling credit unions? This is where credit union philosophy comes into play. The very nature of credit unions as nonprofit cooperatives lends credence to the credo of “people helping people.” With that in mind, it is my belief that all leaderships of credit unions should act in the best interest of individual credit unions. It does not comport well that a state league “requires” a credit union to be a member of CUNA. I say bravo to CEO/President, Dave Adams, and the Michigan Credit Union League. Recently, the Carolinas Credit Union League board of directors unanimously decided to allow its 149 credit unions to join the league without requiring them to join CUNA. In conclusion, it is logical and reasonable for all state leagues and others such as the Carolinas to stop requiring credit unions to have to be a member of CUNA before becoming a member of any other organization.
continue reading » 10SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Kindred Credit Union has a generations-long history of aligning values with finances. By joining GABV, Kindred is now collaborating within a global movement working to develop a positive, viable alternative to the current banking system.GABV is an independent network of banks, banking cooperatives, and credit unions, using finance to deliver sustainable economic, social, and environmental development. Founded in 2009, GABV includes over 43 financial institutions and seven strategic partners across the globe.Weber Marketing Group partnered with Kindred Credit Union, formerly Mennonite Savings and Credit Union, in 2015 to guide its strategic renaming process. At a time of declining net membership and other key metrics for the organization, this effort positioned the credit union to attract more like-minded members of the community desiring to make intentional financial decisions according to values such as peace and mutual aid. Within a year of its successful name change and brand repositioning, Kindred was more profitable than ever and experiencing historic best loan, deposit and mutual fund growth – proof that banking with purpose is not only good for the community, but a mission that draws passionate engagement from the community.
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Have you felt it? There has been an awakening in Long Island’s developmental zeitgeist.Suddenly it seems that regional planning has become a popular idea.It can be heard from the soapboxes of development advocacy groups, op-ed writers and policymakers who, up until a few short months ago, dismissed the concept of geographic cohesion as an academic exercise that gets in the way of “local” progress. But now these folks are seizing on it.It’s funny how for so long the marketing of the “brain drain” illusion fueled so many policy recommendations on Long Island–and now it’s being pushed aside in favor of “flavor-of-the-day” regionalism.Mere months ago, those in the “smart” growth camp argued that less restrictive local development is what’s needed to curb the supposed exodus of millennials from our region. The reality is that millennials aren’t so much leaving, but that our region is experiencing a birth dearth. In short, how can anybody flee a region if they weren’t born here in the first place? It is on this shaky demographic ground that these urbanists first built their approach to solving Long Island’s woes. Only now are they beginning to backtrack on that narrative.The shift is so large that even Mayor Paul Pontieri of Patchogue, long considered the benchmark of downtown redevelopment efforts by developers and smart growth groups, is placing a six-month moratorium on all development. This is not surprising. The village rapidly built upwards of 700 apartments without really addressing the long-term impacts of such growth. Now they want time to absorb the surplus they have created.The change in policy is readily apparent, with Suffolk County adopting the Regional Planning Alliance Program and other initiatives to encourage more coordination. As such, the “think local” commentators and advocacy groups are jumping ship to stay relevant within the new broader policymaking environment.Despite the pendulum swinging towards a regional cohesion that will unify many of the larger real estate projects that are being proposed, don’t expect the transition to be easy.The sad truth is that Long Island’s leadership isn’t really cut out for regional thought. The little fiefdoms of Nassau and Suffolk counties are fueled by the “me-first” mantra of local politics, as well as the hard-headedness of residents who refuse to alter the status quo. As such, regional planning policymaking has always faced an uphill struggle. In its absence, a fervent parochialism has taken over, bringing out the best, and the worst on the Island.Economically, our region stagnates while aesthetically it thrives. Long Island’s middle-class neighborhoods are pristine, schools near-stellar, but our current system of “build now, worry about it later” is far from sustainable. We simply are not creating the fiscal growth necessary to maintain so many political and jurisdictional fiefdoms.Thus far, the solution for many of these economic concerns has been a loose adherence to urbanist values, in other words: increased density, walkability and sustainability. All these values are well and good. But while developers and advocates give lip service to these valuable principles, they have done very little to put them into practice. In a Suffolk analysis of completed transit-oriented projects (located near Long Island Rail Road stations), roughly only 23 percent of residents in those developments used the train to commute to work.Long Island’s history doesn’t make matters any easier. When one looks back, it’s easy to see why the regional planner became a pariah by self-proclaimed localists who espouse urbanist values, yet do little to grapple with the reality of LI’s auto-centric suburbia.Robert Moses, New York’s master builder, has cast a long shadow over any cohesive effort on Long Island. Moses is often cast in the public’s mind as a planner of colossal proportions—and the mere mention of his name taints the entire notion of large-scale thought in the mind of new-age urbanists. In reality, Moses was a builder who did not particularly enjoy the company of planners, who tended to have a little more compassion for the communities that were in his way, but that doesn’t matter much these days. Just evoking his name is enough to conjure up images of government bureaucrats steamrolling their way across Long Island, and so the concept of large-scale planning gets unfairly slammed.After the era of Moses, Suffolk actively worked to contain the rampant suburban sprawl, which one can argue was facilitated by his accomplishments. Following Suffolk’s lead, local town offices created their own planning departments, which varied in degrees of effectiveness. Some municipalities took the task of planning more seriously than others, and aside from Suffolk’s advances in open space protection, Moses was one of the last truly geographic unifiers Long Island has seen.It is by rebuking Moses where the proponents of the hyperlocal movement found their strength. Cities in particular benefited from this Jane Jacobs-esque approach to policymaking. Thanks to her grassroots activism decades ago, irreplaceable Manhattan neighborhoods like SoHo and Little Italy have retained their character. Moses would have demolished them for his cross-town expressway. Published in 1961, Jane Jacobs’ seminal book, The Death and Life of Great American Cities, which criticized contemporary urban planning policy, helped inspire a community-oriented revitalization that preserved much of what would have otherwise been lost during the road building boom.On the other hand, suburban residents have benefited from Long Island’s local point of view since the first Europeans reached the shores of Shelter Island. By the 1920s, countless private developments incorporated as villages for the sole purpose of maintaining their character and exclusivity. Of course, the problem is that this policy left the Island with a disgraceful, racist, even anti-Semitic legacy. Until 1948, when the U.S. Supreme Court ruled on another case, Levittown had a clause in its standard lease that said each new home could not “be used or occupied by any person other than members of the Caucasian race.”Although the Island may still be one of the most segregated suburbs in the country, in more recent times local villages have experienced a renaissance of sorts. Developers have found the boundaries of Long Island’s villages easier environments to conduct business within, and thanks to advocacy and lobbying from groups like Vision Long Island, the transit-oriented philosophy caught on across Nassau and Suffolk counties. In what many would call a region inhospitable to big developments, this ability to ramp up density downtown in certain villages was a major accomplishment.It is in this environment, with this history, that fervent localism is fostered at the expense of thinking broader and acting bolder.As much as regional policymaking can be domineering in its execution thanks to the specter of Moses and his liberal use of eminent domain, local policymaking suffers from shortsightedness. Aside from municipal services, special districts and hundreds of school districts that are as redundant as they are costly, these multiple layers of government effectively block the large-scale, big-picture thinking that is needed in order to adequately address Long Island’s economic and environmental problems. Our water quality continues to be polluted, our transportation networks no longer meet our 21st century needs, and our idea of promoting economic growth is opening another big-box retail store.In the end, it’s not so important whether growth is local or regional. All that matters is that it responds to community needs, and is based upon data-backed analysis. Unfortunately, only those who stand to gain the most from additional development are steering the conversation about Long Island’s future. In the New Year, the goal should be not only to continue bridging the gap between local and regional approaches, but to solicit more input from the people who matter the most: the residents of Nassau and Suffolk counties. After all, it’s their future we’re supposed to be talking about.Rich Murdocco writes about Long Island’s land use and real estate development issues. He received his Master’s in Public Policy at Stony Brook University, where he studied regional planning under Dr. Lee Koppelman, Long Island’s veteran master planner. Murdocco is a regular contributor to the Long Island Press. More of his views can be found on www.TheFoggiestIdea.org or follow him on Twitter @TheFoggiestIdea.
(WBNG) — The Broome County Humane Society is asking pet owners to plan for how they will care for their pets, should they need to be hospitalized due to COVID-19. Ondria emphasized that if you find yourself with nowhere to turn, the Broome County Humane Society will be there for you and your pet. She says this can be prevented by establishing a clear plan of action for your pet. “There are times when you may not be able to find the specific brand that you feed, so if you get a little extra it’s not going to hurt,” Ondria said. The Humane Society asks that if you know in advance that you won’t have anyone to take care of your animal if you get sick, call them and work out a plan ahead of time. “We want to make sure your animals who for most of us are our best friends, don’t get left behind,” said Shelter Manager Amberly Ondria. “If you do get sent to the hospital, the last thing we want is animals sitting at home with no food, no water, without anybody to take care of them.” “If they have exhausted all options with friends, family, neighbors, and they do become sick, they can reach out to us and we have an emergency program in place with a contract,” she said. The Humane Society stresses it is also important to make sure you have about two weeks of food and medication on hand for your animal, and to make sure they are up to date on their vaccines. “It’s really important to be in contact with family and friends so if you do get sick, you can make sure your animals have a place to go,” she said. For more coronavirus coverage, click here.
Electoral votes: 15Trump leads Biden, 50.1 percent to 48.7 percent, with 95 percent of the estimated vote in. Keep in mind: With most votes now tabulated, Biden would need to win about two-thirds of the remainder to pull ahead.PENNSYLVANIAElectoral votes: 20Trump leads Biden, 54.3 percent to 44.3 percent, with 77 percent of the estimated vote in.Keep in mind: An analysis by The Times’s Upshot finds that the remaining vote appears to be overwhelmingly for Biden. Only 19 of 67 counties have reported absentee votes. The counties where the largest portion of the votes have yet to be counted include Philadelphia, the state’s most populous county, where Biden leads by 53 percentage points, and Bucks, the state’s fourth most populous, where Trump leads by 14 percentage points. Biden needs to win more than two-thirds of the remaining votes to win the state.WISCONSINElectoral votes: 10Biden leads Trump, 49.5 percent to 48.8 percent, with 97 percent of the estimated vote in.Keep in mind: Biden’s narrow lead is the mirror image of the Trump’s four years ago, and there are only a scattering of precincts remaining to be counted across the state. NORTH CAROLINA- Advertisement – Electoral votes: 16Trump leads Biden, 50.5 percent to 48.3 percent, with 92 percent of the estimated vote in.Keep in mind: Most of the votes yet to be counted are in DeKalb County and other counties in the suburbs of Atlanta that have been breaking heavily for Biden. The Georgia secretary of state, Brad Raffensperger, said in a television interview that he expected the count to be done by the end of the day, and called a news conference for late Wednesday morningMICHIGANElectoral votes: 16Biden leads Trump, 49.3 percent to 49.1 percent, with 90 percent of the estimated vote in.Keep in mind: More than a quarter of the vote in Wayne County, a Democratic stronghold that includes Detroit, has yet to be counted, and Biden was closing the gap in Kent County, which includes Grand Rapids, with more than 10 percent of votes outstanding. NEVADA Electoral votes: 6Biden leads Trump, 49.3 percent to 48.7 percent, with 86 percent of the estimated vote in. Keep in mind: The critical votes still to be counted are mail ballots sent on or after Election Day and provisional ballots, which are expected to favor Biden. The secretary of state says the next update will come at around 12 p.m. Eastern time. Here is the state of play in seven battleground state as of 10:30 a.m. Eastern time on Wednesday.ARIZONAElectoral votes: 11Biden leads Trump, 51.0 percent to 47.6 percent, with 87 percent of the estimated vote in. To keep in mind: Counties with critical votes still to be counted include Maricopa County, which includes Phoenix and where Biden is ahead by about six points. Vote-counting is expected to finish today, though it could take longer.GEORGIA- Advertisement – – Advertisement – – Advertisement –
Topics : The International Monetary Fund called on governments worldwide Monday to join forces and roll out aggressive financial supports for the coronavirus-infected global economy, including direct payments to workers and businesses.But while several countries have taken steps to cushion the blow to their economies and boost confidence, including the United States, there has been little visible coordination among policymakers like there was at the height of the 2008 global financial crisis.The rising concern about the global economy has been reflected in the continued collapse of global stock markets, with trillions in value wiped out in recent weeks, a rout that continued Monday. Oil prices have also collapsed. IMF chief Kristalina Georgieva said last week the epidemic “is no longer a regional issue, it is a global problem calling for global response.”The virus has shuttered factories, disrupted travel, delayed conferences and sporting events and infected more than 110,000 people worldwide. More than 3,800 people have died.Gopinath said the impact is seen in production cuts hitting companies across the globe that depend on parts from China, where the outbreak originated, but also will hit consumption, since people are reluctant to go out and spend money.International coordinationSome countries already have taken steps, Gopinath noted. Italy, the country hardest hit in Europe, “has extended tax deadlines,” and Korea has introduced wage subsidies.Rome on Monday announced it would lock down the entire country to contain the epidemic as the death toll reached 463. Italy is preparing a 7.5 billion euro (US$8.6 billion) package aimed at helping out the devastated tourism industry and other sectors especially hard-hit by disruptions in global supply chains.The US Federal Reserve last week announced an emergency interest rate cut, and on Monday significantly increased its cash injections into money markets with $150 billion a day in short-term loans to ensure ample liquidity amid the virus uncertainty.That was just what Gopinath called for, saying such moves “can lift confidence and support financial markets.” And she noted that “actions by large central banks (are) also generating favorable spillovers for vulnerable countries.”But government spending measures to support economic activity have been slow in coming and economists are warning that rapid action is crucial to have the biggest impact.Germany announced an investment package worth 3 billion euros a year but it does not kick in until 2021 and is spread over three years. US President Donald Trump signed a bill with $8 billion in emergency funding, but that largely goes to medical equipment, medication and testing supplies for state and local governments.According to media reports, White House advisers are preparing a menu of options for Trump that include paid sick leave and emergency help for small businesses.French President Emmanuel Macron called for European Union leaders to hold a videoconference Tuesday aimed at coordinating their response to the coronavirus outbreak on the continent.Financial hit exposes weak spotsThe IMF’s Gopinath said governments can help workers who are laid off by business closures by extending and increasing unemployment insurance, as well as helping those that do not have paid sick leave. She also warned that the economic concerns can ripple into financial markets, causing borrowing costs to rise. And that in turn will “expose financial vulnerabilities that have accumulated during years of low interest rates, leading to a heightened risk that debt cannot be rolled over.”The IMF and others have been warning for years that high debt levels could become a source of risk if the economy slows.US banking regulators on Monday urged financial institutions to work with borrowers feeling the impact of the coronavirus outbreak, hinting they will ease up on the rules, a move likely aimed at preventing a rush of bankruptcies or delinquencies. Given the “acute shocks” caused to economies, consumers and businesses, IMF chief economist Gita Gopinath said “policymakers will need to implement substantial targeted fiscal, monetary and financial market measures to help affected households and businesses.”That includes “cash transfers, wage subsidies and tax relief” as well as interest rate cuts and financial market support by central banks.Given the ties between global economies, “the argument for a coordinated, international response is clear,” she said in a blog post.The IMF already warned that the impact of the COVID-19 outbreak will slow growth in the world economy to below the 2.9 percent posted last year.
Topics : The virus initially hit major metropolises including the financial hub Mumbai and national capital New Delhi, but has since spread to regional and rural areas where healthcare systems are fragile and patchy.Despite the continued march of the illness, the government is unlikely to reimpose the lockdown it has gradually lifted, after the harsh restrictions battered the economy and wrecked the livelihoods of millions of people, particularly the poor.Some schools have reopened, and trains, metros, domestic flights, markets and restaurants have been allowed to operate with restrictions.Anand Krishnan, a community medicine professor at the All India Institute of Medical Sciences (AIIMS) in Delhi, said the focus should be on treating people who contract the virus.”The infection is well-entrenched in the community,” he told AFP.”The only thing that we can do is take care of people who are ill — identify them faster and treat them better. And follow the social-distancing norms. Beyond that, I don’t think there is anything specific that can be done.”Some locals AFP spoke to in Delhi said while they remained cautious, their fears about the pandemic had lessened since the start earlier this year.”I’m out of the house all day because of my work. I don’t step out of the house for anything else,” said 23-year-old medical store worker Umang Chutani.”The future is uncertain but one can only be cautious and follow all safety protocols.” Himanshu Kainthola, 61, who recovered from the virus last month after testing positive with two other relatives, said his family’s fears “have reduced substantially”.”We have made peace with it. We take the necessary precautions and invest in increasing our immunity rather than being anxious or scared of it.” Creative writing student Santosh added that the virus was now “part of our lives”.”You cannot shutdown every business, because the economy cannot collapse… COVID-19 is not going to pay the rent,” he told AFP. The nation of 1.3 billion people is home to some of the world’s most densely populated cities and has long been expected to record a large number of COVID-19 cases.India has been adding 80,000 to 90,000 fresh infections each day since it started reporting the world’s highest daily rises from late August.Prime Minister Narendra Modi on Sunday called on people to keep wearing face coverings when they venture outside of their homes.”These rules are weapons in the war against corona. They are potent tools to save the life of every citizen,” Modi said in his monthly radio address. India on Monday reported the number of coronavirus cases in the country had passed six million, as the pandemic rages across the vast South Asian nation.With 6.1 million infections according to the health ministry, India is on course to pass the United States in the coming weeks as the country with the most cases. It has also recorded close to 100,000 deaths.
Commonwealth Cornerstone Group Receives $80 Million of New Markets Tax Credits November 18, 2016 SHARE Email Facebook Twitter 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/GovernorWolf
June 14, 2018 Press Release, Weather Safety Harrisburg, PA – As severe storms last night affected much of Northeast Pennsylvania, Governor Tom Wolf and officials at the Pennsylvania Emergency Management Agency (PEMA) provided an update on the storm damage caused by a possible tornado and next steps in the region.“Our first concern is the safety of residents and structures and local emergency responders have worked through the night to secure the scene,” Governor Wolf said. “I will be on site in Wilkes-Barre Township this afternoon to tour the damage at the shopping plazas as the National Weather Service (NWS) and PEMA work with local emergency management to determine if this severe storm was a tornado.”Governor Wolf will visit the shopping centers at 3570 Wilkes Barre Blvd, Wilkes Barre Township, to examine damage there and meet with PEMA Director Rick Flinn and local emergency management and first responders.A half-mile radius around the damage site has been evacuated due to a leaking 750-pound propane tank. PennDOT has been actively engaged in ensuring roads surrounding the damage site are closed and properly signed to provide safety for residents and first responders. Officials are using extreme caution to ensure the area is safe before residents are permitted to return.There are approximately 15 businesses damaged with some partial structural collapse. PEMA is coordinating with the county emergency management agency and the Civil Air Patrol to provide the NWS with aerial reconnaissance information for the assessment. Damage assessments are on-going to determine the extent of the impact. SHARE Email Facebook Twitter Governor Wolf and PEMA Provide Update on Storm Damage in NE Pennsylvania