CITY ANNOUNCES GREEN ROOF TAX EXEMPTION FOR LOCAL BUSINESS
On March 26, City Council passed a bill to double Philadelphia’s Green Roof Tax Credit, according to a press release from Councilwoman Blondell Reynolds Brown.
The bill, which was proposed by Brown, will increase the current tax credit for green roofs – which can increase the lifetime of roofs by 100-200 percent – from 25-50 percent, with a cap of $100,000.
“Green roofs bring a sizable value to the property owner and the city,” Brown said in the release. “They control stormwater, help curtail flooding, grow fresh fruits and vegetables, pump clean air back into the atmosphere and save property owners money by extending the life of the roof.
Philadelphia is one of 12 cities to currently offer such an incentive for businesses which install green roofs/stormwater management systems. Brown’s bill will go into effect July 1.
-Steve Bohnel
CHINATOWN TOWER FINANCED BY FOREIGN INVESTORS
A 23-story residential and office building is set to be built in Chinatown, the Inquirer reported Saturday.
Anthony Rodham, the brother of Hillary Clinton, has marketed the project to foreign investors, who fund similar types of construction known as EB-5 projects, which use money from these investors.
These projects have gained popularity nationwide because they provide cheap money for public-works projects and private real estate developments.
One of the projects that used this type of funding model is Temple University Health System. The current Chinatown building is headed by developer Ahsan M. Nasratullah and the Philadelphia Chinatown Development Corporation, the Inquirer reported.
Nasratullah founded the organization which provided the funds, Global City Regional Center, in 2013, and is the chief executive of Teres Holdings, a real estate development firm located on Kelly Drive.
Teres Holdings has built several properties in the city, including the stores on Liacouras Walk at Temple and the Distrito Restaurant near the University of Pennsylvania’s campus.
Construction will begin later this year, said Joseph Hoeffel, a political science professor at Temple involved with the development.
-Steve Bohnel
CCP TO OFFER FREE TUITION
The Community College of Philadelphia will offer free tuition to more than 400 area students, the Inquirer reported Sunday.
The program will be available to all seniors graduating from a Philadelphia high school this spring that also have low-enough family incomes that qualify them for Pell Grants, and meet other specific requirements.
“There are far too many students who, even with financial aid, are unable to meet the gap that exists between the financial aid they get and what final tuition would be,” CCP President Donald Generals told the Inquirer.
By its third year, officials estimate the program will allow more than 800 students to attend CCP free of tuition costs. Named the “50th Anniversary Scholars,” Generals told the Inquirer that he hopes more people attend CCP because of it.
In order to stay on the program, Gregory Murphy – CCP’s vice president for institutional advancement and executive director of the foundation – told the Inquirer that students will have three years to complete their degree, and must retain a 2.5 GPA at the end of each academic year. To be considered, students must file their FAFSA by June 1.
-Steve Bohnel
