Jonathan Rose Companies
 
The Rose Urban Green Fund / New Markets Tax Credits

The Rose Urban Green Fund, LLC

The Rose Urban Green Fund (RUGF) is a certified Community Development Entity. We apply to the CDFI Fund for allocations of federal New Market Tax Credits (NMTCs) and partner with investors to make loans and equity investments in two programmatic areas: Community Responsive Urban Revitalization and Renewable Energy Systems. RUGF offers financing with flexible terms at significantly below market rates to qualified projects that provide a variety of community benefits.

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Main Street Power
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1501 Pitkin
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COMMUNITY RESPONSIVE URBAN REVITALIZATION
Advancing the Jonathan Rose Companies’ mission to strengthen the fabric of communities, RUGF provides financing for green urban solutions: environmentally, socially and economically responsible projects that take a holistic approach to urban revitalization. Our investments help build communities of choice that enable low-income families to prosper. RUGF brings Jonathan Rose Companies’ considerable experience in packaging complex financing and partnering with a variety of stakeholders in community based development.

We finance transformational projects that integrate Smart Growth and green building strategies with affordable housing, workforce development, job creation, education and health programs to promote self sufficiency and increased quality of life in distressed urban low income communities. Target urban revitalization investments include:

  • Mixed-Use Neighborhood Revitalization in which at least 20% of housing units financed as part of the QEI are affordable to residents at or below 80% of AMI;
  • Community supportive facilities, including green schools and cultural non-profits;
  • Retail providing access to healthy foods and other goods needed within the community, and/or opportunities for local businesses;
  • Green retrofit of existing office buildings and development of new office buildings providing affordable, environmentally sensitive and collaborative space for community based organizations; and
  • Green jobs incubators.
Green smart growth strategies produce significant community benefits such as: reduced transportation and utility costs; reduced operating costs; increased worker productivity, and healthier environments that increase low-income community members’ quality of life. RUGF invests in projects built to high environmental standards, with a preference for walkable locations with access to transit. Our financing of 1501 Pitkin Avenue is an example of this type of investment.


RENEWABLE ENERGY SYSTEMS
RUGF also invests in renewable energy systems, such as:

  • Solar;
  • Wind; and
  • Biomass/ Bio Fuel.
RUGF targets investments in projects that provide low cost clean energy to public agencies, community based organizations and others in low-income communities, and/or include green jobs training and hiring programs that benefit residents of the local community. Our financing of Main Street Power is an example of this type of investment.

ALLOCATIONS & INVESTMENTS
RUGF is a certified Community Development Entity under the CDFI Fund with the ability to invest throughout the country, although our target States are California, Colorado, New Jersey, New Mexico, New York, Pennsylvania and Washington. In 2009, RUGF was awarded a $20 million allocation, RUGF invested the entire $20 million in two NMTC qualified projects, 1501 Pitkin and Main Street Power.

RUGF applied for another allocation of NMTCs in the 2010 application round and is currently awaiting the award announcements. If RUGF receives an additional allocation, we look forward to participating in the financing of smart growth located, green, transformational projects.

If you would like to submit your business or project for evaluation by RUGF, please email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .


THE NEW MARKETS TAX CREDIT PROGRAM
The New Markets Tax Credit (NMTC) program permits taxpaying investors, such as banks and insurance companies, to receive a credit against Federal income taxes for making "Qualified Equity Investments" (QEIs) in certified "Community Development Entities" (CDEs), such as The Rose Urban Green Fund (“RUGF”). This federal program, administered by the Community Development Financial Institutions Fund (CDFI), encourages private investment to spur economic development in qualified low-income communities. The NMTC totals 39 percent of the QEI and is claimed by the investor over a seven-year credit allowance period.