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Historic Tax Credits News Briefs - February 2016

The Ohio Development Services Agency awarded $37.8 million in Round 15 Ohio Historic Preservation Tax Credits (HTCs) Dec. 16 to 34 applicants. Funding for Round 15 will go toward the rehabilitation of 55 historic buildings located in 13 communities throughout the state. Awards ranged from $37,000 to $25 million. The projects are expected to leverage approximately $285.3 million in private investments. A complete list of awardees is available at www.historictaxcredits.com.

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On Dec. 17, the Massachusetts Historical Commission awarded a combined total of $550,000 for the rehabilitation of two properties in Haverhill. The award was provided through the 35th round of the state’s HTC program. A total of $500,000 was awarded for the Shoe and Leather Associates Building, while $500,000 was awarded for the Marsh Building. The Marsh Building will be transformed into the J.M. Lofts, a $5.8 million property that will provide 18 market-rate, loft-style units. In addition, the rehabilitation of the more than 20,000-square-foot building will provide ground floor retail and live/work space.

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New York Gov. Andrew M. Cuomo announced Dec. 3 the seven recipients of the 2015 New York State Historic Preservation Awards. The awards are presented to properties that exemplify the protection and rejuvenation of New York’s historic and cultural resources. The properties are the Renaissance Albany Hotel in Albany, Camp Santanoni in Newcomb, Old Brooklyn Fire Headquarters in Brooklyn, Mary Helen Joint Meeting House in Savona, Pike Block South Salina & West Fayette Streets in Syracuse, Building 14 of Cadence Square, Canandaigua VA Medical Center in Canandaigua and the Underground Railroad History Project of the Capital Region, Albany. The awards ceremony was held in the state capitol building. In addition to the State Historic Preservation Awards, the New York State Board for Historic Preservation also recommended 28 properties, resources and districts to the state and national registers of historic places.

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On Jan. 12, the Advisory Council on Historic Preservation (ACHP) invited public comment on the national historic preservation program. ACHP released a set of initial observations of the program’s challenges and opportunities since its enactment. The document reports that federal historic preservation tax credits (HTCs) have stimulated nearly $120 billion in private investment in the rehabilitation of historic properties. However, in the discussion of factors that will affect the future of historic preservation, ACHP notes that chronic underfunding of the governmental structure for preservation impacts the delivery of needed services to stakeholders, and repeated calls for comprehensive tax reform threaten the continuation of highly successful federal tax credits. Further, ACHP warns that uncertainty about the continuation of federal historic preservation tax credits undermines public-private partnerships that are increasingly important for preservation. The document is titled, “The National Historic Preservation Program at 50: Challenges and Opportunities.” ACHP invites comment on its observations and asks readers to submit ideas on how to address the involved topics. Comments are due by March 1.

Journal Category:

Historic Tax Credits

Authors:

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