New Markets Tax Credit Connection - Summer 2014
Gateway Transit Village: A Financial Model for NMTC Success
The Gateway Transit Village is a mixed-use retail, office, residential, and mass-transit access hub that fills a 1.2-acre lot between New Brunswick, NJ’s train station and the historic East End entrance to Rutgers University. The complex project required complex financing, including New Markets Tax Credits, New Jersey Urban Transit Hub Tax Credits, a Transportation Trust Fund grant, and bond allocations through the American Recovery and Reinvestment Act.
The CDFI Fund Announces $3.5 Billion in New Markets Tax Credits Awards
We provide an analysis of the make-up of this year’s award winners. In addition, given the expected increase in competition for 2014, we share three suggested actions for applicants that may help maximize the potential of wining an award.
The Financial Anatomy of an NMTC Deal: The Centre Theater
In June 2014, Jubilee Baltimore, Inc. (Jubilee) – one of Baltimore’s thriving non-profit developers – closed on NMTC and historic tax credit leveraged financing for the historic renovation of the Centre Theater, a 65,000 square foot building in the heart of Central Baltimore. Jubilee was able to overcome unforeseen roadblocks to enable the project – two years in planning – to come to fruition by utilizing a variety of equity sources, including state and federal historic tax credits and seven grant sources.
Legislative Update: The Fight for the NMTC Begins and Ends at Home
Bob Moss, Principal and National Director of Governmental Affairs at CohnReznick, discusses the need for more grassroots efforts to ensure that the NMTC endures in Congress. He explains the need to get Members of Congress to grand openings and groundbreakings.
Circular 230 Notice: In compliance with U.S. Treasury Regulations, the information included herein (or in any attachment) is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of i) avoiding penalties the IRS and others may impose on the taxpayer or ii) promoting, marketing, or recommending to another party any tax related matters.
This has been prepared for information purposes and general guidance only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its members, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.