In this Issue:
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Benefit Corporation Legislation Celebration!
Governor Brown signed AB361, now let's celebrate...
You are cordially invited to join us, along with Assemblymember Jared Huffman, Senator Mark Leno, New Voice of Business, American Sustainable Business Council and B Lab in celebrating the collective victory of hundreds of individual businesses, a dozen business associations, and thousands of California citizens in achieving a better way to do business for California entrepreneurs and investors.
Wednesday, November 16th
Hanson Bridgett LLP
RSVP by November 14th
For more information, contact Michelle Klopp at email@example.com
About the Benefit Corporation Legislation
The legislation, signed into law by Governor Brown, creates a new class of for-profit corporation in California called benefit corporations that are legally required to pursue the creation of a material positive impact on society and the environment, while meeting higher standards of accountability and transparency.
Benefit corporations are identical to existing California corporations except that a benefit corporation is required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) redefine fiduciary duty to require consideration of the interests of employees, community and the environment when making decision; and 3) publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent, and transparent third party standard.
The bill was sponsored by the American Sustainable Business Council, New Voice of Business, and B Lab; and the effort to pass the benefit corporation legislation was led by a legal working group co-chaired by Jonathan Storper from Hanson Bridgett LLP.
What is Green Refinance Plus? And can you qualify?
Launched in July 2011 by HUD and Fannie Mae, Green Refinance Plus provides financing for the acquisition and refinance of affordable multifamily rental properties, including an additional 5% of loan proceeds to be used for towards green retrofit and other property improvements. What are the benefits, eligibility requirements, and conditions of participation in this new program?
In response to the short supply of high-quality and sustainable low-income housing, the Department of Housing and Urban Development (HUD), Federal Housing Administration (FHA), and Fannie Mae have partnered to create the Green Refinance Plus loan program. Green Refinance Plus expands the existing Fannie Mae/FHA Risk Sharing loan program to meet the market demand for financing of green retrofits and shorter loan terms. The program is expected to increase the availability of low-income housing, reduce operational and tenant utility costs, improve quality of life for residents, build sustainable communities, and protect the long-term value of multifamily rental properties.
The Green Refinance Plus program provides three principle benefits over a traditional Fannie Mae/FHA Risk Sharing Loan. First, standard loans have a maximum loan to value (LTV) ratio of 80%. For Green Refinance Plus loans, the maximum LTV is increased to 85%. Second, the debt service coverage ratio (DSCR)—the ratio of cash flow from the property to the payment due—is decreased from 1.20 to 1.15. Third, Green Refinance Plus offers borrowers the option of a ten-year term, in comparison to the minimum fifteen-year term for standard FHA Risk Sharing. These three modifications provide borrowers the flexibility to invest in the properties while maintaining a financially viable asset. Despite the name, Green Refinance Plus is available for real estate acquisition as well as refinance.
Legislation written by Jonathan Storper which creates a new class of corporation in California called Benefit Corporations was signed into law by Governor Brown. Read more »
On October 4-7th Jonathan Storper moderated Corporate Partnerships Panel for the Plug and Play University Workshop.
On November 2nd Leslie Keil will present at the Legal Services for Entrepreneurs: Business Law Basics Workshop in San Francisco for the U.S. Small Business Administration.
On December 7th Hanson Bridgett will host Criterion Ventures' Structure Lab.
Executive Certificate Program Accepting Applications for Spring
The Executive Certificate Program in Sustainable Leadership at Presidio Graduate School is accepting applications for the spring session. Join the school for an informative webinar to learn how graduates of the program have transformed their careers and their companies.
For more information, email firstname.lastname@example.org or call Carl Schneebeck at (415) 655-8956
2011 Angel Capital Expo
Keiretsu Forum, the world's largest angel investment community will hold its upcoming Angel Capital Expo on November 17, 2011 from 7:30am to 2:30pm at the Julia Morgan Ballroom in San Francisco. Angel Capital Expo is the premier gathering of angel investors and entrepreneurs seeking funding capital to grow their business. On November 17, 2011 more than 300 of the Bay Area's most active and respected angel investors will attend the Expo.
Thursday, November 17th
2011 SVN Fall Conference: Movers, Shakers & Changemakers
Social Venture Network is pleased to partner with its Gold Sponsor, Hanson Bridgett, to present the 2011 SVN Fall Conference: Movers, Shakers & Changemakers. The conference, to be held October 27-30 in Philadelphia, will bring together an influential and diverse network of social entrepreneurs from around the world to explore, inspire and create innovative ways to build a just and sustainable economy. We invite you to:
Navigating Complexity: How Chevron Manages Social Issues
The Association for Strategic Planning NorCal Chapter presents Navigating Complexity: How Chevron Manages Social Issues with Silvia Garrigo, Manager of Global Issues & Policy and Manpreet Anand, Senior Policy Advisor.
ASP NorCal provides a professional community advancing the art of strategic thinking, planning and action. Monthly events bring provocative speakers and topics that provide opportunities for attendees to explore cutting-edge strategic planning techniques that drive practical, lasting business advantage. Meetings in Silicon Valley address many facets of strategic thinking, planning and acting, while SF meetings focus on environmental and social sustainability as a strategy.
Tuesday, November 8th
United Way of the Bay Area
Also available through Webex Video
LBS Developer Day: Focus on Indoor
The great indoors presents a huge business opportunity for mobile.
Join Plug and Play for the LBS Developer Day: Focus on Indoor Oct 27 from 1:00-7:30 pm to learn about this exciting new frontier. Hear how consumers and business are navigating interior spaces, where the money is going, technologies used and what’s coming. Gain insights into how industries are incorporating indoor navigation. Learn about APIs to get started. Cisco, Qualcomm, NAVTEQ, Sprint, Sony Ericsson, Esri and others will share how they are leveraging the power of indoor.
This event is hosted by Plug and Play Tech Center, NAVTEQ, Sprint and Sony Ericsson.
Thursday, October 27th
Plug and Play Tech Center
Path to Financing: The trials, tribulations and successes of funding
Path to Financing co-hosted by RSF Social Finance and the Hub Bay Area
Join RSF Social Finance and The Hub Bay Area for a financing discussion with Numi Organic Tea, Guayaki, Evergreen Lodge, and Pachamama Coffee Cooperative. Hear about their trials, tribulations and successes of funding at various stages of growth & development. Biodynamic wine and delicious organic hors d’oeuvres will be served.
Thursday, November 3rd
Hub – San Francisco
Hanson Bridgett LLP, 425 Market Street, 26th Floor, San Francisco, CA 94105