Tag Archives: tax credits

Preserving Affordable Housing

 

The Boston Globe, on November 26, 2009 reported that Governor Deval Patrick had signed into law a recently enacted statute dubbed the “expiring use” bill.  This new law will have the effect of preserving as affordable, thousands of units of housing in Massachusetts intended to be used by low-income residents.  In a November 30, 2009 press release announcing the new law, the Patrick Administration stated that the bill “creates a regulatory framework to keep affordable rents in properties where long-term publicly subsidized mortgages are paid off and affordability restrictions can then expire.”  The press release also claims that as many as 90,000 housing units in Massachusetts could be affected by expiring affordability restrictions, with about 17,000″ of those units at risk of losing their affordability through expiring use over the next three years.”  These numbers are simply staggering, so, understandably, this new law, if it does what they say it does, could be a very significant arrow in our quiver of affordable housing preservation tools, and may even present distressed asset investment opportunities. Continue reading

Transactions with Elements of Environmental Remediation To Become More Prevalent

As developers continue to realize that developable land is fast becoming a scare commodity, it will become more necessary to re-develop sites once home to industries that have long been dormant in our current economy, such as cotton mills, tanneries, leather producers, metal finishing, storage and smelting plants, rope manufacturers, and textile mills, to name a few.  Accordingly, environmental remediation will become a more necessary and crucial development consideration. 

 Accordingly, I would like to highland one of our recent transactions:

 

ANNOUNCEMENT OF SUCCESSFUL TAX CREDIT AWARD AND SYNDICATION

Needham, Massachusetts, October 26, 2009

Warren A. Kirshenbaum, Esq. and the Cherrytree Group, LLC are pleased to announce their successful representation of two (2) Massachusetts Realty Trusts for whom they secured a large tax credit award of 2009 Massachusetts Brownfields Tax Credits (the “Tax Credits”), and then facilitated and closed on the sale of these Tax Credits to a Tax Credit Syndicator.

Brownfields Tax Credits are issued by the Commonwealth of Massachusetts to developers who have successfully remediated environmentally contaminated sites. The tax credits are issued as a percentage of the developer’s costs incurred in the environmental cleanup of the site. We congratulate our clients for their successful remediation and development of these environmentally damaged sites, located in important development areas in the Commonwealth of Massachusetts.

If you have any questions about commercial real estate, development financing, or tax credit transactions, please feel free to contact Warren directly at 781-239-8900 or wkirshenbaum@oarlawyers.com.

Warren A. Kirshenbaum,    Esq. 

Cherrytree Group, LLC

● 160 Gould Street, Needham, Massachusetts 02494-2300 ● Tel: 781-239-8900 ● Fax: 781-239-8909 ● WEB: http://www.oarlawyers.com ● BLOG: https://distressedassets.wordpress.com

Brownfields Tax Credit Transaction Closing Announcement

Needham, Massachusetts, March 16, 2009

I am pleased to announce the successful sale by my clients, Station Place, LLC and Myrtle Square, LLC, of 2008 Massachusetts Brownfields Tax Credits to a Fortune 100 international insurance conglomerate.

Brownfields Tax Credits are issued by the Commonwealth of Massachusetts to developers who have successfully remediated environmentally contaminated sites. The tax credits are issued as a percentage of the developer’s costs incurred in the environmental cleanup of the site. We congratulate our clients, Station Place, LLC, and Myrtle Square, LLC, for their successful remediation and development of these environmentally damaged sites.

If you have any questions about commercial real estate, development financing, or tax credit transactions, please feel free to contact me directly at 781-239-8900 or wkirshenbaum@oarlawyers.com.

Orsi Arone Rothenberg Iannuzzi & Turner, LLP •160 Gould Street, Suite 320, Needham, MA 02494-2300 • http://www.oarlawyers.com.