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Historic Tax Credits News Briefs - February 2010

Government, entertainment and sports leaders joined experts and survivors on January 8 as the Family Violence Prevention Fund broke ground on its new international conference center and exhibition hall. Building 100, on the Main Post grounds of San Francisco, Calif.'s historic Presidio, will become a hub for hosting activities designed to prevent violence. Bank of America is providing the historic tax credit investment for the global conference and education center, which when complete in two years will feature an exhibit hall, multifunctional classrooms and a training hub. Fundraising began in 2003 when a group of 350 businessmen, and sports and entertainment personalities each pledged to donate $1,000 every year on Father's Day. House Speaker Nancy Pelosi's, D-Calif., office secured a federal investment of $1.5 million for the center's programs and an additional $2 million for the rehabilitation of Building 100. Corporate sponsors and institutions playing a significant role include the Open Square Foundation, Blue Shield of California, the David B. Gold Foundation, the Richard and Rhoda Goldman Fund and Macy's. The groundbreaking ceremony featured Pelosi, actress Nicole Kidman, Los Angeles Dodgers manager Joe Torre and actress Joan Chen among the speakers.

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The Fort Scott Downtown Historic District was officially listed on the National Register of Historic Places on December 18, according to the Kansas State Historical Society. The placement will help qualify the district for historic rehabilitation tax credits that could defray hard costs as much as 45 percent for renewal work. The selected area covers brick streets and 57 buildings within nine and a half blocks. Structures were selected based on their historic and architectural merit. Twenty-six downtown buildings failed to meet the National Register's criteria because they are too modern (generally this means they are less than 50 years old) or have been remodeled to hide the building's original exterior, and in their current state will not be eligible for tax credits. (To read about the exceptions to the 50-year age requirement for historic buildings, please see the article on page 61.)

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Virginia ranked first in the nation for the number of historic districts and second for the number of individual properties added to the National Register of Historic Places in 2009, according to the National Park Service. The state added 30 historic districts and 74 individual properties to the Virginia Landmarks Register and the National Register. A National Register listing allows property owners to pursue federal rehabilitation tax credits to restore older buildings for income-producing uses. When paired with state rehabilitation tax credits, which can be more broadly applied to non-income producing properties, owners may be eligible to receive a 45 percent return on eligible expenses for the one-time cost of rehabilitating a historic property. Many of the recent properties and districts listed are making use of tax credit incentives to create residences, assisted living facilities and commercial and retail spaces.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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