Harold Santucci's Contact Details

Harold Santucci's Company Details

CBO Financial Inc.

Clarksville, Maryland, United States • 4 Employees
Financial Services

CBO Financial's mission is to provide gap financing for projects that revitalize distressed communities using a variety of sources, including New Markets Tax Credits, Property Assessed Clean Energy, Federal Historic Tax Credits, Opportunity Zones, Puerto Rico Tourism Development Act, and USDA programs. CBO Financial's target market includes developers of relatively large scale ($7M to $150M) projects with significant positive community impact, and nonprofits with substantial real estate holdings that operate in low income communities in the U.S. and its territories.A brief description of each: • New Markets Tax Credits (NMTCs): can provide approximately 25% subsidy for projects that help to revitalize distressed communities. The U.S. Treasury Department has awarded CBO Financial's subsidiary, Community Development Funding, LLC, with $150M in authority under the NMTC program in six separate awards, in addition, CBO helped secure 14 additional awards for clients. • Property Assessed Clean Energy (PACE) financing: is a new instrument to finance energy-related and other improvements to existing property or to close gaps in financing for new construction. Unlike a traditional loan, PACE loans are paid back through an assessment on the building's property taxes. Puerto Rico has similar program for tourism related projects. • Historic Tax Credit: The Historic Tax Credit provides a 20% subsidy for rehabilitation of historic buildings; many states have additional incentives. • USDA Programs: The USDA offers several programs that can be useful for economic development projects, in particular the Community Facilities and Rural Utilities Programs• Opportunity Zones: Opportunity Zones are designated distressed areas that can attract capital from investors with special incentives to reduce or eliminate capital gains. • Act 74: Puerto Rico Tourism Development Act: Provides a 30% tax credit for tourism related projects.