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Fund Aims $20M Tax Credit at Green Projects

NEW YORK CITY-The Rose Urban Green Fund will use its allocation through the New Markets Tax Credit program to help generate projects in low-income areas.

By Paul Bubny | Updated on December 02, 2009

NEW YORK CITY-The Rose Urban Green Fund, the community development entity of Jonathan Rose Cos., has been allocated $20 million through the $5-billion New Markets Tax Credit program, an allocation that the RUGF’s Nicole Sherwood says will be used to foster as many as three projects in targeted areas.

“We’re specifically interested in green educational, cultural and community facilities,” Sherwood, executive director of the RUGF, tells GlobeSt.com. Examples would be charter schools and arts exhibition and performance space. The fund is also interested in green incubator space as well as retrofits and re-tenanting of existing class B office space, she adds. And in keeping with the parent company’s overall mission, the RUGF focuses on “exemplary model” projects that can be replicated, incorporating job training services, healthier green working and learning environment, lower transportation costs and reduced greenhouse gas impact in low-income, distressed areas.

Sherwood explains that as a CDE, the RUGF acts as an intermediary through which tax credits are created. “It’s actually third parties, which will be mainly banks, that will be the NMTC investors and provide the funds to the projects,” she says. “During the application process, we were very pleased to receive letters of interest from US Bank, JPMorgan Chase, Wells Fargo, Capital One and First Bank. We look forward to working with them on deploying our allocation.”

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