LOCUS

The latest developments, events, and resources from LOCUS:

Join LOCUS in Seattle next month at ULI's annual housing conference

By ·

The Urban Land Institute (ULI)’s annual housing conference brings together housing professionals from across the country to discuss current challenges and opportunities for supporting a full spectrum of housing choices in cities and suburbs increasingly challenged by the new economy.

Joining the discussion at this year’s conference is LOCUS: Responsible Real Estate Developers and Investors. LOCUS Managing Director Christopher Coes and Steering Committee member John Hempelmann, of Seattle-based business law firm Cairncross & Hempelmann, will join a panel discussion at the conference about federal involvement in real estate and how it might be reformed.

Local Leaders Council LOCUS

Rethink Real Estate: The Housing Credit

By ·


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

Rethink Real Estate: Qualified Energy Conservation Bonds

By ·


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

Public-private partnerships lead the way in a Cincinnati neighborhood’s revival

By ·

At first glance, the history of Cincinnati’s ‘Over-the-Rhine’ neighborhood resembles a storyline familiar to many of America’s urban neighborhoods – a once thriving immigrant community and booming industrial hub turned impoverished and destitute, only to experience a renaissance after decades of disinvestment.

However, there is more than meets-the-eye in regards to the dynamic history of Over-The-Rhine and it’s recent (and unlikely) revival. A unique partnership between city leaders, local corporations and private developers helped to pave the way for what is becoming one of America’s greatest smart growth success stories.

LOCUS

Rethink Real Estate: All about the New Markets Tax Credit

By ·


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

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

By ·


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

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

By ·

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

Introducing LOCUS state chapters

By ·

LOCUS is proud to formally announce that we are expanding our efforts to six key regions across the country with LOCUS state chapters. LOCUS state chapters, working closely with LOCUS members in these states, will complement and enhance our ongoing national work to promote walkable development through education, advocacy, and technical assistance.

We have already begun work in the chapters states of Alabama, California, Georgia, Michigan, Minnesota and Washington. Thank you to the LOCUS members and allies who have met with us in these states thus far.

LOCUS members are invited and encouraged to join the work of these state chapters. If you are not yet a LOCUS member and are interested in joining, submit a membership application today.

LOCUS

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

By ·


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.

LOCUS

Private sector leads the way on new light rail in Detroit

By ·

Architect’s rendering of the M-1 light rail. Image via M-1 RAIL Summer 2012 Project Update.

A group of private sector leaders in Detroit are looking toward a new light rail project to help revive the fortunes of the former car capital.

The group is so confident in the potential of a line, known as the M-1 light rail, they’ve put up nearly $90 million in private funding to make the project a reality. If successful, the group would set a new precedent for the “rail as economic development” paradigm, and provide a new model for cities across the country looking to catalyze smart growth.

The proposed line would run 3.4 miles along Detroit’s Woodward Avenue from the New Center neighborhood to downtown and the riverfront, connecting some of the city’s biggest attractions and job centers. The line would run curbside along Woodward Avenue and provide connections to Detroit’s People Mover and Amtrak station, as well as a planned regional bus rapid transit system.

LOCUS
  • …
  • …