The Community Affordable Housing Equity Corporation (CAHEC) used state and federal historic tax credits to provide nearly $7 million to complete the renovation of the F.W. Woolworth building in Greensboro, N.C. The 1929 structure houses the International Civil Rights Center and Museum, which held its grand opening celebration on February 1. Other financing for the project included federal new markets tax credits (NMTCs). CAHEC recently received $30 million in NMTCs from the federal government and is actively seeking opportunities to support development through the rehabilitation of historic buildings in distressed communities. To hear more about this project, download the February 9, 2010 Tax Credit Tuesday podcast from www.novoco.com/podcast.

U.S. Bank secured a $24.2 million financing package in January for The Alexander Company to fund the developer’s $40 million restoration and conversion of the former federal courthouse building in Kansas City, Mo. U.S. Bank purchased low-income tax credits, state and historic tax credits to gather $24 million in equity. The nine-story building, when completed, will contain 176 one- and two-bedroom affordable housing units. It has stood vacant since the new federal courthouse opened in 1998. The Alexander Company plans to preserve the building’s historic character while adding updated features such as underground parking, energy-efficient appliances, a fitness center, a community room and a rooftop patio.

Low-income housing tax credits (LIHTCs) and historic tax credits provided most of the financing to convert a historic textile mill in Biddeford, Maine into 66 family housing units. Officials held the construction groundbreaking ceremony for the $14.6 million redevelopment, called The Mill at Saco Falls, in January. The property will provide 40 apartments for households earning 50 percent or less of the area median income. MaineHousing used a combination of exchange and tax credit assistance program (TCAP) funds to contribute more than $6 million to the development. Other major funding sources include more than $2 million in federal historic tax credits, nearly $3 million in state historic tax credits, a MaineHousing loan and subsidy of more than $1 million and a $900,000 grant.

The Metropolitan Development Association of Syracuse and Central New York in January selected VIP Structures to turn four downtown Syracuse historic buildings into a mix of residential and retail space. VIP will designate the Chamberlin, Witherill, Wilson and Bond buildings as “Pike Block,” named for Henry Pike, the original developer and builder of the Witherill building. VIP Structures will convert Pike Block’s 130,000 square feet of space into 87 one- and two- bedroom apartments, and 25,000 square feet of retail space. Features will include rooftop rain gardens, permeable paving and recycling of rain water for use in the buildings’ toilets. Pike Block is one of the first projects to take advantage of the recently expanded New York historic rehabilitation tax credit. The development will produce $25 million in financing commitments from public and private partners, including the state of New York; the state’s City by City grant progam; Restore NY; Environmental Protection Fund programs; the Syracuse Industrial Development Agency; the Syracuse Neighborhood Initiative; National Grid; Syracuse’s Main Street Program; and a loan from the Syracuse Economic Development Corporation. The Community Preservation Corporation (CPC) is providing permanent financing. Construction is scheduled to begin this spring, with anticipated completion in fall 2011.