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Six Regional Projects Awarded Federal Funding

Good news California: local projects are continuing to receive federal funding. Caltrans announced last week that the U.S. Department of Transportation has granted nearly $35 million in TIGER funds to six local and regional...more

Banking Agencies Issue Revised CRA Exam Procedures

On April 18, the OCC, FDIC, and Federal Reserve Board released revised Community Reinvestment Act (CRA) examination procedures applicable to institutions with total assets greater than $1.202 billion as of December 31 of...more

Cities and Counties Must Provide Report Before Approving Economic Development Subsidies to Businesses

New Law Applies to Subsidies of $100,000 or More - Gov. Brown last week signed into law AB 562, legislation that will require all cities and counties to provide a report to the public before approving any economic...more

California Foreclosure Update: New registration requirements for foreclosed properties may lead to penalties, fines for lenders

Originally published in Western Real Estate Business, October 2012. The economic downturn has resulted in a record number of foreclosures in California. Many property owners have simply abandoned these foreclosed...more

New Report Identifies $2.5 Billion-Plus in Delaware Valley Infrastructure Funding Needs

The Greater Philadelphia area's ability to thrive in the 21st century depends largely on rebuilding and remodeling the region's aging infrastructure network. According to "Connections 2040: Transportation Investment...more

On the Heels of Declaring South Fayette Township Ineligible to Receive Impact Fee Funds, Judge Quigley of Commonwealth Court...

On October 18, 2012, the PUC issued an opinion after reviewing an ordinance enacted by South Fayette Township relating to natural gas drilling, which found the Township in violation of Act 13. Due to the violations, the...more

New Markets Tax Credit Financing (Presentation)

NMTC Background - •At the time of enactment, the New Markets Tax Credits (NMTCs) program was the largest federal subsidy created for economic development in low-income communities. •The NMTCs program was...more

Seventeen Central Valley Levee Systems Lose Eligibility For Federal Rehab Assistance

On August 23, 2012, the U.S. Army Corps of Engineers (“Corps”) announced that 17 Central Valley levee systems are now ineligible for federal rehabilitation assistance, after a temporary agreement between the Corps and the...more

State Grants Assist Development of Local Stormwater Programs

The Virginia Department of Conservation and Recreation (DCR) recently issued an RFP to solicit proposals to establish grant agreements for the development of Virginia Locality Stormwater Programs. State grant applications are...more

Kazakhstan’s New Trunk Pipeline Law

New law gives the RK government additional control over new trunk pipeline projects. After many changes, extensive negotiations, and numerous interim drafts, the Republic of Kazakhstan (RK) has enacted a Trunk Pipeline...more

Developing Affordable Housing on Brownfields – A Natural Connection by Jason Lichtstein

Originally published in The Florida Housing Coalition - Volume 28, No. 2. Affordable housing developers naturally understand the value of urban infill sites to their projects, given their central location and proximity...more

Lenders Subject to Administrative Enforcement of New Requirements for Unoccupied Mortgaged Real Estate in Cook County

Cook County, Illinois, which encompasses Chicago and dozens of surrounding suburbs, enacted an ordinance on December 14, 2011, requiring that within 30 days after a residence becomes vacant or 60 days after a default,...more

AB 1903 Would Prohibit Districts from Levying Level III Developer Fees

AB 1903 (Buchanan and Hagman), as proposed, would suspend the ability of school districts to levy Level III developer fees. The bill is scheduled to be heard on Wednesday, June 20 in the Senate Education...more

Two Largest U.S. Cities Adopt Responsible Banking Ordinances

On May 15, the cities of New York and Los Angeles adopted ordinances that will require banks doing business with those cities to report certain information about their banking and lending activities. In New York, the City...more

Amendment to the Administrative Code of the City of New York Requiring Mortgagees to Notify the Department of Housing Preservation...

Introduction No. 501-A, titled A Local Law to amend the administrative code of the city of New York, in relation to notification by a mortgagee commencing an action to recover residential real property, was approved by the...more

Shale Gas: What Is New in China?

The National Development and Reform Commission, China’s Ministry of Finance, the Ministry of Land and Resources (MLR), and the National Agency of Energy on March 13, 2012 jointly published the first five-year plan for...more

Renewable Energy Projects: Tax-Exempt and Other Tax-Advantaged Financing

The term “renewable energy” describes energy that comes from natural resources that are naturally replenished, including solar energy, wind energy, geothermal energy, bio-energy, wave power, tidal power and hydroelectricity....more

Fannie Mae Provides Guidance Regarding Chicago Vacant Property Ordinance and Payment of Homeowners’ Association Dues and Condo...

On April 11, Fannie Mae published Servicing Guide Lender Letter LL-2012-04, which follows up on a previous notice regarding the City of Chicago’s (the City) vacant property ordinance. Effective May 1, 2012, servicers will be...more

HB503 and SB1986: More New 2012 Florida Legislation That Impacts Florida Real Estate Developers and Investors

The Florida Legislature was very busy this month, getting legislation passed and over to Governor Rick Scott's desk before the end of the 2012 Legislative Session this month. Lots of people are still combing through all the...more

$3.6 Billion dollars has recently been announced as awarded by the Treasury to New Market Tax Credits allocates

The New Markets Tax Credit (“NMTC”) program is administered by Treasury Department’s Community Development Financial Institutions (“CDFI”) Fund. The program is designed to stimulate job creation, and encourage investment in...more

Florida State Budget Provides Hope for Better Economic Future With Various Incentives

This week, the Florida Legislature finalized the $70 billion state budget and ended debate in the House and Senate on how Florida state tax dollars should be spent. Included within the Florida budget are the following...more

Redevelopment Update: New Legislation and Designation of Successor Agencies

Despite the launch of two bills — one that would delay the effective dissolution date of redevelopment agencies (RDAs) across the state and another that would allow cities to retain affordable housing funds — cities are...more

A New Year, a New Outlook on the Economic Benefits of Cleaning Up the Bay?

Last week, Virginia submitted its 2012-2013 Chesapeake Bay Milestones to the Environmental Protection Agency. They will be available shortly on the Virginia Bay TMDL website at...more

Supreme Court Upholds Dissolution of Redevelopment Agencies and Invalidates "Pay to Play" Option

After months of legal uncertainty, the California Supreme Court today issued its opinion in California Redevelopment Association, et al. v. Matosantos, Case No. S194861, marking the end of California’s 400+ redevelopment...more

IRS Releases Guidance on Refinancing Projects Financed with Go Zone Bonds

The IRS has released Notice 2012-3, which provides that projects originally financed with tax-exempt Gulf Opportunity Zone Bonds (“GO Zone Bonds”) may be refinanced on a tax-exempt basis after December 31, 2011, the date on...more

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