Author: Zach Smith

(Webinar) Financing Transit-Oriented Development: How to use the TIFIA program to finance TOD infrastructure projects

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Thank you to everyone who joined LOCUS: Responsible Real Estate Developers and Investors yesterday for an online presentation about using the recently modified federal loan program, Transportation Innovative Financing Infrastructure Act (TIFIA) to finance TOD projects. Presenters: Duane Callender, Director of the TIFIA Office at the USDOT Kevin DeGood, Deputy Director of Policy, Transportation for … Continued

LOCUS

Rethink Real Estate: The Housing Credit

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Trumbull Park Homes, a low-income housing development in Chicago, Illinois. Photo by Robert R. Gigliotti via Flickr.

In January, Smart Growth America released Federal Involvement in Real Estate, a survey of over 50 federal programs that influence real estate in some way. This post is the second in a series taking a closer look at some of the programs included in that survey.

Congress began the Low-Income Housing Tax Credit (LIHTC) program in 1986 to incentivize the private sector to develop more affordable rental units for low-income households. Since its creation, the credit has created or preserved nearly two million affordable rental units across the country.

The program offsets investors’ federal income tax liabilities, but the responsibility for administering the program is delegated to the states. States designate housing credit agencies to distribute a pool of tax credits from the U.S. Department of Treasury based on their population. In 2010, the amount of credits agencies received was equal to the greater of $2.10 per capita or $2,430,000. For example, the population of Oklahoma in 2010 was about 3.6 million people, so the state received about $7.7 million in tax credits, or 3.6 million multiplied by $2.10.

LOCUS

Coalition Updates – 2/20/13

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In this issue: Please register for the Coalition and Lobby Day Meetings (March 20-21st) and please book your hotel room for the Coalition and Lobby Day ASAP – Deadline is Feb. 25th SGA Coalition Member Survey Call for proposals – EPA’s Smart Growth Implementation Assistance – due March 1 Transportation for America is hosting a … Continued

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Rethink Real Estate: Qualified Energy Conservation Bonds

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The Parker Ranch installation in Hawaii. Photo by the U.S. Department of Energy.

Earlier this month, Smart Growth America released Federal Involvement in Real Estate, a survey of over 50 federal programs that influence real estate in some way. This post is the second in a series taking a closer look at some of the programs included in that survey. Today’s post is about Qualified Energy Conservation Bonds .

Qualified Energy Conservation Bonds (QECBs) give state and local governments a low-cost financing option to encourage energy conservation.

Funding from the program has been used to retrofit public buildings, to power buildings with renewable energy, and to improve public transit infrastructure. Authorized by Congress as part of the 2008 Energy Improvement and Extension Act, the original legislation allocated $800 million in federal funding to the effort and has since been increased to $3.2 billion as a result of the 2009 American Recovery and Reinvestment Act. As of July 2012, about $760 million in allocated funding had been spent. Because QECBs do not have to be spent within a certain time period, a great deal remains untapped.

LOCUS

Rethink Real Estate: All about the New Markets Tax Credit

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The Ely Walker building in St. Louis, MO was redeveloped with the help of the New Markets Tax Credit. Photo by Nick Findley via Flickr.

Earlier this month, Smart Growth America released Federal Involvement in Real Estate, a survey of over 50 federal programs that influence real estate in some way. This post is the first in a series taking a closer look at some of the programs included in that survey. Today’s post looks at the New Markets Tax Credit.

New Markets Tax Credit allows individual and corporate investors to receive a credit against their federal income tax return in exchange for making an investment in a specialized financial institution called a Community Development Entities (CDE). Congress created the credit in 2000 as a way to attract private capital to businesses in economically challenged communities. Authorized under the Community Renewal Tax Relief Act of 2000, the program has appropriated billions of taxpayer dollars to promote investment in these areas that are often overlooked by traditional financing sources.

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Exploring the economic benefits of walkable, sustainable development along the Keystone Corridor with PennDOT

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Coatesville, PA is home to a station on the Amtrak Keystone Line. Photo by the Chester County Planning Commission via Flickr.

The 104-mile long Keystone Rail Line that runs from Philadelphia to Harrisburg, PA, has played a significant role in shaping the towns around its 12 stations. Now, new investments in the line are creating opportunities for development along the corridor.

In 2006, the Pennsylvania Department of Transportation (PennDOT) and Amtrak completed a $145.5 million infrastructure improvement program to increase train frequency and service reliability along the Keystone Corridor. These improvements have the potential to attract new development – and new economic growth – to the areas around stations along the rail line.

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