Historic Tax Credits News Briefs – April 2020

Tuesday, April 7, 2020

Historic Tax Credits Briefs

Historic tax credit (HTC) announcements related to COVID-19 will be posted to  www.novoco.com/coronavirus.

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Legislation introduced in New York Feb. 15 would allow small historic rehabilitation projects to receive a state HTC worth 150 percent of the federal HTC amount. A.B. 5760 (and its companion bill S.B. 3645) would grant the state credit to properties with qualified rehabilitation expenses of $5 million or less. The change would be effective for taxable years beginning on or after Jan. 1, 2021.

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Legislation was introduced in the New York Senate March 3 to increase the transaction cap for the state HTC for fiscal years 2020-2021 and 2021-2022. S.B. 7928 would set the cap at $7 million for 2020-2021 and $9 million for 2021-2022. The cap is currently $5 million annually.

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Hunt Capital Partners announced the closing of $17.7 million in federal HTC and low-income housing tax credit financing for the acquisition and historic rehabilitation of Town House Apartments in Kansas City, Kan. The building was built as the Town House Hotel in 1951 and was converted to affordable housing for low-income elderly persons in 1979. The rehabilitation of the facility will create 130 low-income units, with units set aside for seniors earning up to 30 or 60 percent of the area median income, and 126 units will benefit from a project-based housing assistance payments rental subsidy. The development is expected to be completed in August 2021. 

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