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Historic Tax Credits News Briefs – December 2018

The National Park Service (NPS) certified 1,035 completed historic rehabilitation projects and documented $6.5 billion in rehabilitation investment during fiscal year 2017, according to its annual report released in September in conjunction with Rutgers University on the economic impact of the federal historic tax credit (HTC). The NPS report says the federal HTC helped create 106,900 jobs and $6.2 billion of gross domestic product in FY 2017. The report includes data on the history of the HTC program and state-by-state investment.

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Ninety-eight percent of House of Representatives and U.S. Senate candidates who responded to a survey, released Oct. 12, said they support the federal HTC, according to Preservation Action, a national nonprofit advocacy organization. Preservation Action surveyed candidates in all 50 states and received nearly 150 responses. In addition to the support for the HTC, 99 percent of respondents said they support the Historic Preservation Fund and 96 percent said they support considering the impact of potential infrastructure legislation on historical resources. The broad-based support was across party lines.

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The Minnesota Department of Revenue issued guidance Oct. 24 clarifying that the state HTC is fully claimed in the year the qualifying renovated building is placed in service. The federal HTC is now taken at 4 percent per year for five yers, but the Minnesota credit, equal to the federal credit, is taken in one year.

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Heritage Consulting Group announced Oct. 18 the historic rehabilitation of 1960s and 1970s low-rise affordable housing. Heritage assisted Housing Solutions Alliance and the Groesbeck Housing Authority in acquiring state HTCs for the rehabilitation of Liberty Square and Liberty Village in Groesbeck, Texas. Rehabilitation will combine state HTCs and low-income housing tax credits through the U.S. Department of Housing and Urban Development’s Rental Assistance Demonstration program.

Journal Category:

Historic Tax Credits

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