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

PL players’ names to be replaced with Black Lives Matter for 12 games

first_img(BBC) – Premier League (PL) players’ names will be replaced on the back of their shirts with ‘Black Lives Matter’ for the first 12 matches of the restarted season.The Premier League will also support any player who chooses to ‘take a knee’ before or during matches.Players in Germany have made gestures of solidarity with people protesting about the death of George Floyd.“We, the players, stand together with the singular objective of eradicating racial prejudice,” read a statement.In a joint message from all 20 clubs, players added that they were committed to “a global society of inclusion, respect, and equal opportunities for all, regardless of their colour or creed”.A Black Lives Matter badge will feature on all playing shirts for the rest of the season alongside a badge thanking NHS staff for their work during the coronavirus outbreak.Several PL squads have already ‘taken a knee’ in training-ground images shared on social media, and anti-racism charity Kick It Out had asked that players feel free to do so on the pitch.The Football Association has said it will take a “common sense approach” to such protests.Four players, including Borussia Dortmund’s England forward Jadon Sancho, were initially investigated by the Bundesliga authorities for making clear their support for anti-racism demonstrations in the wake of the death of 46-year-old Floyd in police custody in the United States last month.None was subsequently punished and the German Football Association said it would continue to allow such displays of support over the coming weeks.The Premier League resumes behind closed doors on June 17 after a three-month suspension caused by the pandemic.“It’s a great start, but I then want to see something tangible.”Former England, Newcastle and Spurs midfielder Jermaine Jenas, who made 280 PL appearances between 2002 and 2013, hopes the campaign for change continues beyond those first 12 games.Speaking to BBC Radio 5 Live, he said: “It’s brilliant that all the clubs and the players have come together and said that this is what they want. I think it’s a great message because the Premier League is one of the most powerful businesses in the world.“I’m all for it in terms of the representation and for each club and player to be doing it. But I think the question on most people’s lips is: what next?“What about the week after? Does it just fade out and it’s ‘OK, we did our little bit and it’s gone now’. Or are we actually going to see some real change within our game, our own house?“There have been huge conversations about the lack of opportunities for black coaches. We need to quash all of that by starting to implement (diversity) at the hiring level of management, at the top clubs and within the FA.”last_img read more

Pro Bowl solution finally discovered

first_imgI have been warned.With the Herald Sports curse now in full swing — per Adam Holt and Jordan Schelling in yesterday’s PCP – I’m staying away from any proclamations, predictions, projections, picks or profiles. No thoughts on the Super Bowl, no expectations for the rest of the NBA season and, for my readers’ sake, no reflections on the Badgers. You’re welcome.Instead, I would like to divert my thoughts to this weekend’s Pro Bowl. To be honest, if this column space follows the current trend, and the jinx rears its ugly head again this Sunday, very few will care. While I’m a big fan of Roger Goodell and his actions in three-plus years as NFL commissioner, the Pro Bowl has remained stagnant in its present format. Defenses care less about the game than Allen Iverson does about practice. Offenses run up and down the field easier than Usain Bolt. And, in the week leading up to the event, players drop out quicker than Angelina did on the “Jersey Shore.”Perhaps Goodell and his cronies have shared some of these sentiments. This year, for the first time ever, the Pro Bowl will be played at the site of the Super Bowl, one week before the big game. For that, I commend the commissioner. Previously, the NFL’s “all-star game” was held the week after Super Bowl Sunday in Honolulu, HI. Having the Pro Bowl held the week after the Super Bowl never made much sense; as America continued to digest its beer and hot wings, interest in pro football was generally waning.Every other professional sport has seemed to figure out that regardless of its overall success, all-star events belong in the middle of their respective seasons, when interest in the sport is at its peak. In my opinion, baseball does it best. The MLB All-Star break garners significant interest in essentially all of its major events; the Home Run Derby — despite continual debates over the best possible format — is always a hit, the Futures Game has seen rapid growth in popularity and the All-Star Game itself is consistently successful. As a result, Goodell and the NFL have taken a good first step in bumping up the Pro Bowl.Yet, more steps lie ahead in the quest for Pro Bowl prominence. For one, the NFL needs to continue to radically revamp its calendar. For the past few years, there has been frequent discussion about adding a game or two to the regular season schedule, which would bring the total to 17 or 18 games for each team. That’s ridiculous. Football is already the most grueling sport in America, and injuries already derail the majority of teams’ seasons every year.Furthermore, this week leading up to the Pro Bowl has seen a seemingly countless number of nominated players drop out with injuries — many legit, many not so much. If the best players in the league find themselves physically unable to participate in the Pro Bowl, does expanding the regular season make any sense? If those same players also find themselves unable to get motivated to play, imagine them after playing 19 games before the postseason even begins. Many proponents of an expanded schedule cite the number of injuries in meaningless preseason games in support of increasing the length of the regular season. Such expansion would allow for the elimination of one or two preseason games, but a better solution exists.This past season, preseason play began on Sunday, Aug. 9 with the Hall of Fame Game at the Pro Football Hall of Fame in Canton, Ohio. Making up a solid package with the Hall of Fame enshrinement the day before, the HOF Game should stay where it is. The rest of the NFL, meanwhile, began preseason play the following Thursday, Friday, Saturday, and Sunday.Drum roll, please.Here’s my grand idea for fixing the Pro Bowl: play it the day after the HOF Game, in Canton, on Monday night. Imagine the entire football world has its eyes on Canton as the all-time greats are welcomed into the pantheon of football history. Saturday belongs to those greats and their accomplishments, while Sunday will give fans their first taste of NFL action in the HOF Game. The next night, the Pro Bowl will mark the beginning of the Monday Night Football season, making every football fan’s favorite day of the workweek even better. ESPN would have a field day with the “Is It Monday Yet?” promos, and all would be good in the football world.In summary, the Hall of Fame Game weekend would feature two games supplementing the enshrinement ceremony. Saturday to Monday, all football. Later in the week, when the current preseason format has regular preseason games beginning Thursday night and going through the next Monday night, fans would be given the best week of the year: eight days of football in approximately a week-and-a-half. In addition, there would be no conflict with player availability for the Super Bowl teams, as currently is the case. Now, channeling my inner “Entourage” obsession, is that something you might be interested in?Making this one move would revitalize the Pro Bowl and give the sports world a jolt of energy. However, football fans, I’m not done yet. My last step to restoring the relevance of the event involves the selection of those who actually get to play in the game. Presently, Pro Bowl voting is divided into thirds; coaches, players, and fans each have equal say. While I love my opportunity to vote, coaches and players need to have the majority of the voting power, solely because they know the NFL better than anyone. As a result, I propose voting be divided into fifths: two-fifths for coaches, two-fifths for the players, and one-fifth for fans. That way, everyone stays happy.Voil?, the Pro Bowl is fixed. Unless it actually is my turn to impose the Herald Sports curse, that is.Mike is a sophomore planning on majoring in journalism. Love his blueprint for fixing the Pro Bowl? Think he should stick to his cereal bowl? Let him know at [email protected]last_img read more