2014 HTC Development that Best Demonstrates Financial Innovation

Winner

The Community Greens at Washington and Broad

Honorable Mention

Academy Lofts

Developer: Green Coast Enterprises
Owner: Green Coast Enterprises
Location: New Orleans, La.

Developer: Albany Housing Authority and Norstar Development USA
Owner: Albany Housing Authority
Location: Albany, N.Y.

Photo: Courtesy of Jeffery Johnson.
Green Coast Enterprises rehabilitated four historic buildings into The Community Green at Washington & Broad, a 28,000-square-foot commercial development that features a community health center, office buildings, restaurants and retailers in New Orleans, La.

The 2014 Historic Development that Best Demonstrates Financial Innovation Award is presented to Green Coast Enterprises (GCE) for rehabilitating four historic buildings into The Community Green at Washington & Broad in New Orleans, La. The Community Green at Washington & Broad is a 28,000-square-foot commercial development that features a community health center, office buildings, restaurants and retailers. Built at the intersection of Washington Avenue and Broad Street in the 1920s and 1930s, several commercial buildings were left vacant after Hurricane Katrina. Regina LaMacchia, special assistant to the partner at GCE, reports that subsequent arson, vagrancy and vandalism contributed to the buildings’ decline.

GCE demonstrated financial innovation by combining multiple public and private funding sources to finance The Community Green. The $8.7 million development was financed by federal and state rehabilitation historic tax credits (HTCs), federal new market tax credits (NMTCs) and funding from the Louisiana Office of Community Development, Community Development Block Grants, the Louisiana Project Based Opportunity Program (PROP) and the New Orleans Redevelopment Authority.

The Community Green has had a significant positive effect on the vibrancy of the surrounding neighborhoods, having sparked numerous commercial and residential projects in the community. La Macchia said that before The Community Green was completed and leased, less than half the commercial space in the intersection was occupied; now more than two-thirds of that commercial space is in use.

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Photo: Courtesy of Randall Perry Photography
Albany Housing Authority and Norstar Development USA transformed the former St. Joseph’s Academy parochial school into affordable loft apartments for artists in Albany, N.Y.

The honorable mention for the 2014 Historic Development that Best Demonstrates Financial Innovation Award goes to Albany Housing Authority and Norstar Development USA for transforming the former St. Joseph’s Academy parochial school into affordable loft apartments for artists in Albany, N.Y. Academy Lofts provides 22 affordable housing units, a multi-purpose performance venue and community center for local artists. Jay DiLorenzo, president of the Preservation League of New York State (PLNYS), said he nominated the development because Academy Lofts has spurred other rehabilitation projects within the Ten Broeck Triangle Historic District.

The rehabilitation of Academy Lofts demonstrates financial innovation because it brought together a variety of federal and state sources totaling $10.5 million. These financing sources included federal and state historic tax credits (HTCs), federal low-income housing tax credits (LIHTCs), low-interest bond financing from the City of Albany Industry Development Agency and a grant from the Empire State Development Corporation’s Restore New York Program.

Academy Lofts is also a recipient of the 2014 Excellence in Historic Preservation Award, presented by PLNYS.

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