Murphy Schiller & Wilkes LLP’s Post

The New Jersey Economic Development Authority (NJEDA) held its monthly Board meeting on October 9th in Trenton, New Jersey. Among other items, the Board approved the creation of the Garden State Commercial Property Assessed Clean Energy (C-PACE) Program, a new program that facilitates private financing for certain clean energy improvements to qualifying properties. Additionally, the Board approved new rules concerning the NJEDA’s prevailing wage requirements. These changes do not diminish the current regulations, but provide additional clarity on key definitions. On October 25th, the NJEDA extended the deadline for applications under their Historic Property Reinvestment Program (HPRP) until December 5th, 2024. The HPRP is a $50M competitive annual tax credit program supporting rehabilitation of historic properties in New Jersey. Revisions to the Brownfield Redevelopment Incentive Program (BRIP) were signed into law on September 4th, 2024, and the NJEDA will reopen applications after the new rules are issued. Both the Brownfield and Historic programs can be paired with the NJEDA’s Aspire program. The application for the NJEDA’s Emerging Developer Grant Program remain open until Friday, November 15th. This program provides grants of up to $250,000 for eligible predevelopment softs costs for qualifying developers. For more information, please click here: https://lnkd.in/dYjP9N6R ... or contact: Brendan Pytka Director of Tax Credits & Incentives Phone: (862) 418-3702 Email: bpytka@murphyllp.com Chris Murphy, Partner Chair of Tax Credits & Incentives Practice Phone: (973) 705-7421 Email: cmurphy@murphyllp.com #realestate #development #redevelopment #taxcredits #incentives #aspire #brownfields #historictaxcredits #nj #njeda #attorneys #msw #nothinglessthanexceptional

CLEVELAND: A new tax increment financing (TIF) District called the Shore-to-Core-to-Shore TIF District has been proposed to leverage growth in Cleveland’s Downtown to support public improvements that will transform the city’s waterfronts, improve the downtown core, and fund investments in parks and public spaces across Cleveland neighborhoods.   Similar strategies have been successful in peer cities including Columbus (Easton and the Arena District) and Cincinnati (Downtown/Over-the-Rhine and Uptown Gateway), to spur significant growth.   TIFs are typically in place for 30 years and the Shore-to-Core-to-Shore TIF would take effect for a 30-year period beginning Dec. 31, 2023, following passage of the legislation. Depending on the amount of property value appreciation, the combined value of the existing TIFs and the new Shore-to-Core-to-Shore TIF District is estimated to be between $3.5 and $7.5 billion over the next 42 years.   Read More: https://bit.ly/4aO88fD   #MarketRent #Cleveland #TIFDistrict #Waterfront #Neighborhoods #Development #Investment

Vote Yes on Prop. 479 On behalf of our members, NAIOP Arizona advocates for public policies at the state and local levels that will help grow the economy and drive demand for commercial real estate in Greater Phoenix, and throughout Arizona. Maricopa County Prop. 479. We know the importance of planning and investing in our infrastructure and transportation and that's why NAIOP proudly supports Prop. 479. To ensure its passage on the 2024 November ballot, we need strong support from the commercial real estate industry and business leaders. That also means we need financial support to achieve that goal. We encourage all NAIOP member businesses to consider contributing to the NAIOP IE PAC so the industry can have an effective voice this November and help get Prop. 479 across the finish line! Prop. 479 is an extension of the half-cent sales tax that funds critical infrastructure needs in Maricopa County. The half-cent sales tax has been in place since 1986. Completed projects funded include: The Loop 101 The Loop 202 Connecting the I-10 west of the I-17 The 143 The 51 Projects that will be funded by Prop. 479 include: State Route 30 from Phoenix to Buckeye State Route 24 from Mesa to Pinal County Completing the Loop 303 Restoring and repairing the I-17 Repaving and improvements of freeways throughout the county Improvements to arterial roads throughout the county #NAIOPAZ #NAIOP #Prop479 #Arizona #Vote #ArizonaVoters

Our real estate team recently attended the 2024 Kansas Housing Resources Corporation Conference at the Overland Park Convention Center. They enjoyed learning about recent state and federal legislative updates, exploring new perspectives on affordable housing, and networking with industry professionals, clients, and friends. If you're seeking expert guidance on leveraging low-income housing or historic housing tax credits, or navigating any facet of the real estate industry, reach out to our experts at MarksNelson today! #RealEstate #AffordableHousing #TaxCredits #MarksNelson

Our real estate team recently attended the 2024 Kansas Housing Resources Corporation Conference at the Overland Park Convention Center. They enjoyed learning about recent state and federal legislative updates, exploring new perspectives on affordable housing, and networking with industry professionals, clients, and friends. If you're seeking expert guidance on leveraging low-income housing or historic housing tax credits, or navigating any facet of the real estate industry, reach out to our experts at MarksNelson today! #RealEstate #AffordableHousing #TaxCredits #MarksNelson

Our real estate team recently attended the 2024 Kansas Housing Resources Corporation Conference at the Overland Park Convention Center. They enjoyed learning about recent state and federal legislative updates, exploring new perspectives on affordable housing, and networking with industry professionals, clients, and friends. If you're seeking expert guidance on leveraging low-income housing or historic housing tax credits, or navigating any facet of the real estate industry, reach out to our experts at MarksNelson today! #RealEstate #AffordableHousing #TaxCredits #MarksNelson

👀 Keeping an eye on the Tax Relief for American Families and Workers Act of 2024 that is making its way through the Senate! This legislation could have a major positive impact on affordable housing development! This $78 billion package includes key measures to boost the Low-Income Housing Tax Credit (LIHTC) program and spur development. It represents a 12.5% increase in annual 9% LIHTC allocation for 2024 and 2025 and a reduction, from 50% to 30%, of the amount of private bond financing required to access the 4% housing credit. Tucson needs to add several hundred thousand new units to keep affordability in our city and this legislation would make a big impact here at home. LIHTC programs in Arizona also have a number of climate resilience requirements built right in so a great way to keep communities greener and more accessible to all! Tucson Industrial Development Authority Groundswell Capital #affordablehousing

The outright appeal win with full costs awarded today for a client’s site in South Ockendon, with evidence on Viability from the TCR team, is always nice but does exemplify how difficult it is for officers when members ask them to do the impossible and defend the indefensible. In a plan led world, if the plan is based on woolly logic, that does not stand up to an impact with reality or the decision takers are insufficiently understanding of planning policy, decisions are going to be poor. At worst, development is prevented at best it is delayed. The wasted processing costs, both to applicant and taxpayer, the delays in delivery of new housing or development, reduces productivity and undermines the financial and social investment needed in our communities.

Last week, NAIOP CEO Tamara Small testified in support of Governor Maura Healey's Affordable Homes Act. As a member of the Governor’s Economic Development Advisory Council and the Administration’s Affordable Homes Act Steering Committee, NAIOP Massachusetts believes that the Affordable Homes Act is a critical step in securing housing stabilization and expanding access to housing in the Commonwealth. From capitalizing the HousingWorks Infrastructure program to creating a new Momentum Fund seeded by the state, the bill’s bonding provisions are a bold step forward for the Commonwealth. However, NAIOP is opposed to two policy provisions within the bill, both of which have been shown to negatively impact housing production and affordability. The first is the proposed municipal opt-in transfer tax. The second is a provision which lowers the adoption threshold of Inclusionary Development Zoning from a two-thirds majority to a simple majority. Looking forward to continuing our work in advancing pro-growth policies that foster housing creation through the end of the session and beyond.  #AHA4MASS #mapoli

Last week, we had the King's speech setting out what the legislative agenda for this government will be over the next 5 years. 👑📜 Within the list, there are some key bills that will affect the housing market. These are summed up below with the key items they would look to change, introduce, or remove: 🏠 Renters Rights' Bill • Abolish Section 21 to remove the threat of ‘no fault evictions’ 🚫🏠 • Give renters greater rights and protections and the ability to request a pet in their property 🐾🏠 • Make sure private rented homes are safe and secure with a Decent Homes Standard and ‘Awaab’s Law’ 🏡🔒 • Create a digital database for the private rented sector 🖥️📊 • Create a new ombudsman service for the private rented sector 🏛️👥 • Prevent discrimination against tenants with children 👶❌ 📜 Draft Leasehold and Commonhold Reform Bill • Enacting remaining Law Commission recommendations to bolster leaseholders’ fundamental rights 📜🏘️ • Reinvigorating commonhold by modernising the legal framework 🔄⚖️ • Restricting the sale of new leasehold flats 🚫🏢 • Regulating ground rents for existing leaseholders 💷⚖️ • Bringing the injustice of ‘fleecehold’ private estates and unfair costs to an end 🚫💸 • Implementing the Leasehold and Freehold Reform Act 2024 so that leaseholders can benefit from more rights, power, and protections over their homes 🏡💪 🏗️ Planning and Infrastructure Bill • Speed up upgrades to the national grid and strengthen renewable energy, in a streamlined delivery process for critical infrastructure. The consenting process for major infrastructure projects will be simplified and a review process for National Policy Statements introduced to allow them to be updated every five years ⚡🌱 • Modernise planning committees 🏗️🗳️ • Strengthen the capacity of local planning authorities 📈🏢 • Reform compulsory purchase compensation rules to ensure compensation paid is fair ⚖️💰 • Use development to fund nature recovery 🌳 As you can see, they are planning a lot, and these three bills are part of a list of over 35 that need to go through the normal process to become legislation. 📜🏛️ A very interesting few years ahead!