Historic Tax Credits News Briefs - December 2017

Thursday, December 7, 2017

In response to the state’s recently enacted budget, the Wisconsin Housing and Economic Development Authority released Oct. 2 a provision that will limit state historic preservation tax credit (HTC) awards to no more than $500,000 per property beginning July 1, 2018. The guidance applies to 2018 low-income housing tax credit (LIHTC) applications, which also use the state HTC program. Applicants may include state HTC equity as a funding source and may request financial participation points for the equity resulting from the state HTC. The guidance is available at www.taxcredithousing.com. WHEDA stated that this new limit may impact LIHTC applications submitted for the 2018 LIHTC cycle. The 2018 LIHTC application deadline is Dec. 8.

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Associated Bank provided $2.3 million in HTC equity in early October for the redevelopment of the Downtown YMCA in Green Bay, Wis. Now, the Ferguson Family YMCA, the 93-year-old, 112,000-square-foot building received extensive structural and mechanical improvements. The gymnastics center and pool were updated and a family adventure center was added.

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West Virginia Gov. Jim Justice Oct. 24 signed House Bill 203, which the state Legislature approved a week earlier, to increase the state HTC from 10 percent to 25 percent for expenditures made on or after Dec. 31. Provisions of the bill would expire Dec. 31, 2022. The bill is available at www.historictaxcredits.com.

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Michigan Historic Preservation Network (MHPN) announced Oct. 2 the promotion of Ellen Thackery as the new deputy executive director. In her new role, Thackery will assist the executive director with strategic planning and coordination of the organization’s programs, projects and policy positions. She is formerly the Southeast Michigan field representative at MHPN. Before working at the MHPN, Thackery served as an event planner at The Henry Ford, was manager of public programs at Conner Prairie and was an editor at the Gale Group.  

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The grand opening of the Broad Street Lofts in Mobile, Ala., was in October. Built in 1910, the former Russell School Building is now a 30,000-square-foot, three-story building with 24 one-bedroom apartments. The former 4,500-square-foot cafeteria annex offers four apartments. Total project cost was $3 million and financing included state HTCs.

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WinnCompanies announced Oct. 30 the completed construction of Residences at Mill 10, a 110-year-old former mill building in Ludlow, Mass. The complex is on a 170-acre site and provides 75 mixed-income apartments in a four-story, 108,100-square-foot brick building. There are 63 one- and 12 two-bedroom apartments for seniors 55 and older. Of the 75 apartments, 51 are reserved for households with incomes below 60 percent of the area median income and 15 are restricted to households with incomes below 30 percent of the AMI. The remaining nine apartments are market-rate housing. Renovations took 14 months. The Massachusetts Executive Office of Housing & Community Development provided state and federal LIHTCs. The National Park Service and the Massachusetts Historical Commission provided state and federal HTCs. 

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