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Historic Tax Credits News Briefs - February 2012

The Ohio Department of Development (ODOD) awarded $14.9 million in Ohio Historic Preservation Tax Credits under round seven of the program. Located in five communities across the state, the 13 selected projects are expected to leverage more than $100 million in private investment. The recipients are 15th and Republic, Crown Building, Haddon Hall and St. Michael Complex, all in Cincinnati; Cascade Lofts, Civic Theatre Block, and Highland and Crescent Apartments, all in Akron; Euclid-71st Street Building, Gifford House and Carriage House, Park-Southworth Building, and Rialto Theater, all in Cleveland; Hotel Ashtabula in Ashtabula; and Steele Mansion in Painesville.

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The Michigan Economic Growth Authority (MEGA) approved a $3.5 million brownfield tax credit to support the redevelopment of the former McKay Press property in downtown Midland. The project developers will demolish the vacant building and construct a four-story mixed-use commercial, office and retail building adjacent to the Dow Diamond baseball complex. The development, which will help create a stadium district within the city, is expected to generate $49 million in new investment and as many as 150 full-time jobs. The Midland stadium district project is one of a dozen projects that MEGA approved for tax incentives in December. Turn to page 47 for more information.

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Five Ohio communities received a total of more than $1.8 million in grants to improve their downtown districts. The Ohio Department of Development's Office of Community Development awarded the funds through the Comprehensive Downtown Revitalization Building Rehabilitation and StreetScape Program. The cities of Napoleon, Oberlin, Vermillion and the village of Wellington will each receive $400,000 to assist downtown businesses with façade and code improvements and to complete infrastructure projects. The village of Millersburg will receive $289,500. In all, approximately 90 businesses will be affected.

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Massachusetts Housing Investment Corporation (MHIC) closed a $7.8 million federal low-income housing and historic tax credit (HTC) equity investment to convert a late 19th-century mill building to affordable housing. Renovations on the Whitney Building in Leominster, Mass. will create 40 one-, two-, three- and four-bedroom affordable housing units, 32 of which will be available to households earning 60 percent or less of the area median income (AMI). The remaining eight units will be set aside for households earning 30 percent or less of AMI. Avidia Bank provided $880,000 of the $7.8 million in tax credit equity. Other financing sources include the Massachusetts Department of Housing and Community Development, the Fitchburg-Leominster HOME consortium, state HTC and brownfields tax credit equity, NeighborWorks America, U.S. Department of Housing and Urban Development grants and energy rebates. The development is expected to be completed in October 2012.

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National Trust Community Investment Corporation (NTCIC) has invested $2.9 million in federal HTC equity for the rehabilitation of the Lord Jeffrey Inn in Amherst, Mass. The building, which serves as the on-campus hotel for Amherst College, will be remodeled to include 49 guest rooms, a 125-seat restaurant and bar, conference space, a fitness center, outdoor event space and a 5,000-square-foot addition. The $21.7 million development was financed with a $320,000 direct HTC equity investment from NTCIC, a $2.6 million HTC equity investment from Genworth Financial through the NTCIC Preservation Fund, and $12.4 million from Amherst College.

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RCG Development Group and the Alpert Group will redevelop a former church complex in Jersey City, N.J. into affordable senior housing using federal HTC and low-income housing tax credit (LIHTC) financing. The partners will construct a $9.7 million community, called St. Bridget's Senior Residence, with 46 units in one five-story and two three-story buildings. The three-story buildings originally served as a rectory and convent at St. Bridget's Church; the five-story building contained a school. Each building will undergo a gut rehabilitation and improvements will include new mechanical systems, fixtures and appliances. Construction is expected to begin this spring.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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