Cooperstown Environmental LLC Supports VietAID’s Housing Development with the Massachusetts Brownfield Tax Credit
The Upper Washington Apartments offers 35 affordable residential units in a mixed use and affordable housing development in the Four Corners neighborhood of Dorchester. These apartments include a mix of one-, two- and three-bedroom apartments as well as 3,200 square feet of commercial/retail space. The apartment buildings include a community room, laundry facilities, and 25 parking spaces. Developed by Boston-based Vietnamese-American Initiative for Development, Inc. (VietAID), the project sits close to the MBTA Commuter Rail Fairmount Line, and brings essential density and definition to the neighborhood.
Cooperstown Environmental LLC, an acknowledged authority on the Massachusetts Brownfields Tax Credit program, helped support this project by procuring and monetizing a state tax credit for the developer. UW4 Limited Partnership, an entity formed by VietAID, received more than $100,000 of tax credits issued by the Massachusetts Department of Revenue (DOR). The credits helped to offset the redevelopment costs, which were significant due to the contamination that was found on the site and which needed to be remediated to reach a condition of No Significant Risk under the Department of Environmental Protection (DEP) guidelines.
Due diligence activities performed by the non-profit prior to purchasing the property revealed a release of historical environmental conditions in the soil at the property. The developer’s Licensed Site Professional (LSP) attributed the source of the release to prior occupant’s practices as well as to the nature of the historic fill used to reclaim the land. VietAID remediated the site and re-invigorated this location by constructing the Upper Washington Apartments, an affordable housing community and important resource in today’s Boston area housing market. Housing here is reserved for those making under 60 percent area median income and has units set aside for formerly homeless families. The result of the work is both a healthier environment and an improved community with economic development the icing on the cake.
The Massachusetts Brownfields Tax Credit program is intended to incentivize developers to take on the responsibility of properties contaminated by prior uses when they are used for commercial purposes. Cooperstown Environmental is the leading authority in the tax credit program and assisted UW4 Limited Partnership, in applying for and obtaining this credit. Cooperstown also purchased the credits at the end of the process, providing a turnkey solution for the developer and allowing VietAID to use the proceeds to offset the significant site remediation costs required to develop this property. The Massachusetts Brownfields Tax Credit program is intended to incentivize developers and others to take on the responsibility of properties contaminated by prior uses (Brownfields) and restore them to productive use, benefiting both the economy and the environment.
Have you conducted remediation for contamination that you did not cause? You might be eligible to get money back through Brownfields Tax Credit program and our mission is to help you take advantage of this opportunity. As the acknowledged authority in the Massachusetts Brownfield Tax Credit, we’re your best choice to guide you through the complexities of the program. Please contact us to find out if you are a candidate to get back some of your hard-earned money.