Boston, MA - January 5, 2016 - Bob Dorfman and Hal Davis of ECONOMIC DEVELOPMENT INCENTIVES INC. announce successful financing for a majority (59%) of all MA Brownfields Tax Credit dollar closings for calendar years 2012 through 2014 (average), based on statistics recently published by MA Department of Revenue (DOR).
ECONOMIC DEVELOPMENT INCENTIVES INC. is a joint venture between Dorfman Capital ("DORFMAN") and New England Economic Development ("NEED") established to serve real estate owners who develop brownfield sites and are eligible for MA Brownfields Tax Credits. Together since 2009, DORFMAN and NEED have qualified almost 100 projects for MA Brownfields Tax Credits representing over $140,000,000 of tax credits originated and sold.
Bob Dorfman, CEO of ECONOMIC DEVELOPMENT INCENTIVES INC. stated, "Hal Davis and I identified this market niche in 2009. As our experience has grown we have continued to: 1) be innovative and effective in our ability to maximize the amount of tax credits per project; 2) expand the marketability of these tax credits; 3) navigate through an increasingly challenging approval process. These factors result in smoother transactions overall and greater net proceeds to our clients.”
The principals of ECONOMIC DEVELOPMENT INCENTIVES INC., Bob Dorfman and Hal Davis, bring a unique blend of legal, tax credit finance and economic development experience having structured and raised in excess of $1 billion of financing.
Clients served include for-profit and non-profit developers, community development corporations, schools and healthcare organizations. Examples of clients: Related/Beal Companies, Millennium Partners, Samuels & Associates, New Boston Fund, Baker Hughes, Equity Residential, Partners Healthcare, National Development, Conroy Development, Community Builders, Lynn Community Health Center, Worcester Polytechnic Institute, Emerson College, Codman Neighborhood Corporation, Twin Cities Community Development Corporation, Nuestra Community Development Corporation, Neighborhood Community Development Corporation and many more.
The MA Brownfields Tax Credit Program, begun in 1998, provides an incentive in the form of a transferrable tax credit to “Eligible Persons” (who didn’t contribute to or cause the contamination or own the property at the time of contamination) to clean up and redevelop contaminated commercial and industrial property in designated economically distressed areas. Recipients may recover up to 50% of the cost of remediation.
Please visit www.MABrownfieldsTaxCredit.com