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Historic Tax Credits News Briefs - February 2013

Sens. Charles Schumer, D-N.Y., and Robert Menendez, D-N.J., introduced the Hurricane Sandy and National Disaster Tax Relief Act of 2012 in December. Among its provisions is an increase in the historic rehabilitation tax credit (HTC) from 10 percent to 13 percent for buildings built prior to 1936 and that were affected by Hurricane Sandy. For rehabilitation of certified historic structures in those disaster zones, the credit increases from 20 percent to 26 percent and applies to expenditures made before Dec. 31, 2014. The HTC bonus was included in H.R. 1, an amendment to the Continuing Appropriations Act. The amendment passed in the Senate but later died in the House of Representatives.

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Sen. Schumer urged the National Park Service to approve the Brooklyn Navy Yard Development Corporation’s (BNYDC’s) HTC application for two projects at Brooklyn Navy Yard. BNYDC is constructing a green manufacturing center that will provide industrial tenant space and is expected to generate 300 jobs. BNYDC is also restoring entertainment and media space at Steiner Studios for use by Brooklyn College Graduate School of Cinema and Carnegie Mellon University.

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The National Trust for Historic Preservation is accepting nominations for its 2013 list of America’s 11 Most Endangered Historic Places. Since 1988, the annual list has called attention to more than 240 sites of architectural, cultural and natural significance that are at risk for destruction or irreparable damage. Nominations are due March 1 and the list will be announced in June. Submit nominations at the National Trust for Historic Preservation website.

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The National Green Building Standard (NGBS) and the U.S. Green Building Council’s (USGBC’s) LEED programs are being updated. The 2008 edition of the NGBS began in November 2010 and has been approved by the development committee. It was submitted to the American National Standards Institute for accreditation and NGBS expects to publish the document in early 2013. The LEED 2009 version will be updated as LEED v4, which will substantially alter credits and requirements. The USGBC was originally scheduled to release the revisions in 2012, but 21,000 comments submitted from the public on the proposed limitations prompted the Council to delay publication. USGBC will convene a voting committee in April and final approval is scheduled for summer 2013. LEED 9 will remain in effect until June 2015 in consideration of projects still in development.

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The National Trust for Historic Preservation and the John S. and James L. Knight Foundation committed a $100,000 grant to Sherman Associates for the restoration of the NorShor Theatre in Duluth, Minn. The project also received a $150,000 commitment from the Arts and Cultural Heritage Fund through the Minnesota Historical Society and $10 million in new markets tax credit (NMTC) from the National Trust Community Investment Corporation. NorShor sits on the site of what was originally an 1889 opera house and in 1910 became the Orpheum Theatre. The Orpheum was redesigned as the Art Deco NorShor Theatre movie house in 1941 and has changed ownership several times in the past 70 years. Renovations are expected to begin this summer.

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The Ohio Development Services Agency announced $35.9 million in round nine Ohio Historic Preservation Tax Credits to 23 owners and applicants. The credits will help rehabilitate 45 historic buildings that are expected to leverage more than $252 million in combined private investments. The top recipient, East Ohio Building in Cleveland, will receive $5 million toward the $65 million cost of transforming the 1959 downtown skyscraper office building into rental housing units. The West 25th Street Lofts in Cleveland will receive $4 million to redevelop the Baehr Brewery/Odd Fellows Hall and Phoenix Ice Machine Company buildings into 72 market-rate apartment units and 34,000 square feet of commercial space. The Huffman Block, also known as the David Building, in Dayton, will receive $3.3 million to change the commercial building into loft apartments. .Applications for the tenth round of Ohio Historic Preservation Tax Credits are due March 30.

Journal Category:

Historic Tax Credits

Authors:

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