CRE Responds to House Bill 851 Effects on Affordable Housing Development

House Bill 851 Threatens Georgia Affordable Housing Development

6 years ago 0 0 1650

This blog post was co-authored by Steve Rothschild and Chris Martiner, CayCap Advisors. State tax credits provided under Georgia’s Department of Community Affairs Housing Tax Credit Program are proven tools that are critically important in the creation of high-quality affordable housing for the citizens of Georgia. The state tax credits incentivize local businesses and individuals to give back to their communities in a socially responsible manner, as the investments are used as a capital source, along with other state, local and federal funds, to finance and develop affordable rental communities. The continuance of the tax credit program is critically important to all areas of the state – rural and major metro areas. Atlanta, for instance, is experiencing rapid growth in population. This has led to a tighter market and increased rental rates. Further, gentrification in many neighborhoods has effectively displaced many long-term residents, forcing them into uncertain and unaffordable circumstances.

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More Players in Tax Credit Programs

6 years ago 0 0 1814

One emerging trend in tax credit programs we are more frequently seeing is cities, counties and sometimes even several towns banding together to offer film tax credit programs in the wake of state programs, such as Florida’s, expiring or being discontinued. These smaller areas—such as Miami-Dade—recognize the value of such programs. This trend alone should send a powerful message to states that these programs are wanted and valuable to the state and local economies. Minimizing the programs to a municipal level results in smaller programs, which are subject to a number of limitations regarding what productions have to do to qualify. Film tax credits in such a diminished capacity can make a difference for small, local productions, but they won’t attract the big productions that significantly impact the local and state economy. States will continue to benefit even when the municipalities provide incentives, but the opportunity for larger gains and

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The Show Will Go On In Georgia

6 years ago 0 0 1967

We’ve all heard the adage “if it bleeds, it leads” in news today, and Georgia’s burgeoning film industry is no different. We’ve also heard lately about Netflix’s return to LA and now Captain Marvel has chosen not to film in Georgia – a move that wounds some who take pride in its presence here. As ominous as it sounds, the truth is that Georgia maintains one of the most competitive film tax credit programs in the country, and as long as it continues to do so, Georgia’s film industry will continue to flourish. With Georgia’s robust film industry comes an array of job and economy-stimulating needs that drive the economy, beyond just the revenue from film production. Remember, the actors, actresses, producers and other staff all have to eat, sleep, shop and be entertained in the cities in which they’re working. And while that doesn’t hit the “bottom line” for

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Using Historic Tax Credits to Increase Profit

6 years ago 0 0 1962

In every community across the country, enterprising developers are scooping up historic structures as investment properties. These old mills, factories and turn-of-the-century buildings exude character – and have a lot of potential for modern day uses. Whether it’s a new retail center, residential property, office space, hospitality property or government complex, existing, historic structures are popular options for development projects. Historic restoration projects repurpose aging and unusable buildings and structures for today’s uses, often creating new urban centers out of dilapidated and unsafe eyesores. They capitalize on a community’s nostalgia for the original structure, which typically boasts inimitable personality features and context within the neighborhood. These intangible assets increase community buy-in for a historic renovation project, which promises to preserve the integrity of a structure while making it usably modern or functional for the current population. An excellent example of this is Ponce City Market (PCM). Originally the Sears Building

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Is Georgia’s Film Industry Hot? You Bet!

7 years ago 0 0 3257

The proof is in the numbers. According to Governor Nathan Deal, the film industry boasted a more than $7 billion economic impact on the state of Georgia during the last fiscal year. In fiscal 2016, 245 feature film and film productions created 2+ billion in direct spending. And many predict 2017 will be even bigger. In my last blog, Top Takeaways from GSU’s Views From the Top, I shared entertainment industry insight from John Brooks Klingenbeck, Managing Partner of Artist Entertainment Management at Red Hill Entertainment. This month, I take a closer look at this booming industry. An industry that Atlanta Mayor Kasim Reed expects only to grow in 2017. So, why Georgia? The state has intentionally created an attractive breeding ground for the entertainment industry to grow. Creating tax incentives and promoting an industry workforce via education are just two of the many ways Georgia has succeeded in this

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