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Historic Tax Credits News Briefs - December 2010

New Bedford, Mass. and developer Women's Institute for Housing and Economic Development announced the beginning of rehabilitation work on a vacant school building soon to be converted to mixed-use affordable housing and community space. Ingraham Place will feature 19 affordable units, an afterschool programs area and a large community room for local organizations' use. Financing sources include federal and state historic tax credit (HTC) equity; city, state and private funding; and American Recovery and Reinvestment Act tax credit assistance program funds. The property is expected to open next summer.

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The National Housing & Rehabilitation Association (NH&RA) recognized eight historic buildings with the annual Timothy J. Anderson Awards, in conjunction with the National Trust Community Investment Corporation. NH&RA presented the awards, which honor creative historic preservation projects, at a ceremony during the organization's Fall Developer's Conference in Boston, Mass. The winning projects are Bourne Mill Apartments in Tiverton, R.I., for Best Historic Rehabilitation Utilizing Low-Income Housing Tax Credits; Historic Salem Jail at 50 Saint Peters Street in Salem, Mass., for Best Mixed-Income or Market-Rate Residential; Wilber School Apartments in Sharon, Mass., for Best Historic Rehabilitation Involving New Construction; American Brewery "Brewhouse" Building in Baltimore, Md., for Most Innovative Adaptive Re-Use; Roshek Redevelopment in Dubuque, Iowa, for Best Historic Rehabilitation Utilizing New Markets Tax Credits; and Apartments at the Belmont in Belmont, N.Y., for Most Advanced Financial Structure. Judges awards for outstanding project went to National Park Seminary in Silver Spring, Md., and Spring Garden Revitalization II in Philadelphia, Pa. Read more about the awards at www.housingonline.com.

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Preservation North Carolina (PNC) celebrated Greensboro's Fisher Park Historic District with a party at the Latham-Kellenberger House on November 7. Fisher Park ranks fourth out of 155 state historic districts in homeowners who have used state historic rehabilitation tax credits (HTC). PNC says the state HTC program has stimulated more than $1.4 billion of reinvestment. More details, including a map of Fisher Park's HTC projects, are available at www.presnc.org.

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The Kansas Department of Commerce presented Emporia, Kan.'s Main Street program with nine Main Street Awards of Excellence at the annual Kansas Downtown Symposium. Emporia won awards in the following categories: Main Street Community, Excellence in Business Development, Excellence in Downtown Marketing, Excellence in Promotion, Excellence in Business Promotion, Excellence in Architectural Design, Excellence in Historic Preservation and Kansas Main Street Director Recognition. Emporia was also honored with a Main Street Reinvestment milestone award for passing the reinvestment program's $50 million mark. The Emporia Gazette reported that the number of awards was the highest the group has received at one time. A complete list of award winners is available at www.kansascommerce.com.

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RI Clean Slate, a group formed by Rhode Island's Republican Party, released a policy proposal to spur job creation by eliminating the state capital gains tax, the inventory tax, the estate tax and the annual franchise tax, calling them "job killing." RI Clean Slate is a multi-partisan team of General Assembly candidates attempting to shift the General Assembly away from the Democratic Party's rule. The organization cites a University of Connecticut study that ranked Rhode Island the third most costly state for manufacturers. Other proposals RI Clean Slate has released include a repeal of the car tax and an education plan.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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