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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.

LOCUS

What’s your favorite street in America? Our staff weighs in for new Facebook campaign

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If you had to choose your favorite street in the United States, what would it be? Could you explain why you love it? Those are the questions we posed to our entire Smart Growth America staff for a new Facebook campaign called ‘What’s Your Street?’, intended to showcase great places that embody smart growth principles across the country.

Whether it’s a bustling, skyscraper-lined downtown block, a charming historic main street or even a sleepy rural outpost, two new streets are uploaded to Facebook every week, each one personally chosen by a member of our staff. An accompanying quote sheds some light as to why the street was chosen and what makes it such a great place to be.

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Congress passes Sandy recovery bill, includes funding for critical HUD program

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Aerial photos of New Jersey coastline in the aftermath of Hurricane Sandy. Photo by DVIDSHUB via Flickr.

Three months after Superstorm Sandy crippled coastal communities along the East Coast, Congress passed a $50.5 billion package on Monday to aid victims of the storm and accelerate re-building efforts.

The largest portion of the spending bill includes $16 billion for the Housing and Urban Development Department’s Community Development Block Grants program (CDBG). Of that, about $12.1 billion will be shared among communities directly affected by Sandy as well as those from other federally declared disasters in 2011-2013.

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Roundtable series in six cities this spring will discuss federal real estate issues and their solutions

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LOCUS members at 2012’s Leadership Summit.

LOCUS: Responsible Real Estate Developers and Investors is proud to announce a new series of industry roundtable discussions about improving the federal government’s role in today’s real estate market.

The discussion series will gather leading real estate developers and investors from across the country to address the federal government’s role in real estate, and create solutions to align federal involvement in real estate to better support walkable development across America.

LOCUS

Join us next week at the New Partners for Smart Growth conference

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Next week, the 12th annual New Partners for Smart Growth Conference kicks off in America’s heartland—Kansas City, Missouri. The three-day conference will explore sensible strategies for helping communities arcoss the country create healthy, convenient, equitable and livable cities and towns for all. This year, the conference will include over 90 sessions and close to 400 total speakers across multiple disciplines including elected officials, state and federal agency leaders; professionals in planning and transportation; realtors, developers and many others committed to building sustainable communities nationwide.

Smart Growth America’s staff will among the many speakers talking about best practices in implementing smart growth strategies – covering everything from local policies to federal legislation about Complete Streets, public transportation, economic development, effective communications and more. Join us at one of our several sessions.

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Greater Ohio, ULI and LOCUS host speaking series on walkable urbanism in Ohio

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Cleveland developer Ari Maron discusses his projects. Source: Smart Growth America.

The following post has been republished from our partners at the Greater Ohio Policy Center.

In Ohio and around the country, real estate developers and investors are recognizing pent-up demand for and a market shift toward sustainable, walkable urban places. Despite this paradigm shift and change in market momentum, many local, state and federal policies currently in place distort development incentives and hamper efforts to create the development consumers want and that support strong local economies. Urban developers and real estate and land use experts can align to provide state and national policy makers with expert advice on current consumer demand and the many benefits of urban and metropolitan growth strategies.

Over the past few days—January 16th and 17th—Greater Ohio traveled to Cincinnati, Columbus and Cleveland to co-host events with the Urban Land Institute district councils of Cincinnati, Cleveland and Columbus, as well as LOCUS to host “Advancing Ohio’s Urban Agenda: Walkable Communities for Globally Competitive Cities,” an exclusive series featuring Christopher Leinberger, President of LOCUS—a national network of real estate developers and investors that advocates for sustainable, walkable urban development in America’s metropolitan areas.

Local Leaders Council LOCUS

Gabe Klein Ties Complete Streets to Chicago's Economic Success at National Complete Streets Coalition Dinner

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Last week, fifty Partners and friends of the National Complete Streets Coalition gathered in Washington, DC to celebrate the Complete Streets movement, the Coalition’s work over the last year, and the generous annual support of our Partners.

The dinner’s featured guest, Commissioner Gabe Klein of the Chicago Department of Transportation, added to the room’s enthusiasm. Commissioner Klein tied Chicago’s Complete Streets efforts to city’s economic success, citing the growing attention Complete Streets receive from local leaders, including Chicago Mayor Rahm Emanuel. Chicagoans are seeing Complete Streets as the pathway to safer and more attractive places for people to live and attract top companies to the city. Commissioner Klein encouraged Complete Streets supporters to “be brash” when talking about your goals, clearly communicate the benefits of the approach, use all available funding sources, and demand more from the private sector.

Complete Streets
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