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NPS Issues Functionally Related Building Guidance, Annual HTC Reports

Friday, March 10, 2017 - 10:00AM

The National Park Service (NPS) this month issued new guidance on its standards for when buildings that are functionally related historically for purposes of the federal historic tax credit (HTC) can be treated as separate projects. The guidance includes 10 examples of when and how such buildings can be considered separate projects. The NPS released the guidance as an appendix to its final report on its recommendations and action plan for the implementation of a program review, which included its plans and progress to implement such things as tax code issues, webinars and training, administrative guidance and more.

Also this month, the NPS announced that it approved 1,299 federal HTC projects worth $7.16 billion in rehabilitation costs in fiscal year 2016, according to Federal Incentives for Rehabilitating Historic Buildings, one of two annual reports. An estimated 108,528 jobs were created by the HTC in 2016 and a record 21,139 housing units were built or rehabilitated. An accompanying document, Statistical Report and Analysis for Fiscal Year 2016, reports that in the 40-year history of the HTC program, 42,293 projects have been certified, worth more than $84 billion in investment.

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