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Historic Tax Credits News Briefs - January 2012

The Advisory Council on Historic Preservation (ACHP) has adopted a plan to address the challenges that Section 106 participants face in identifying and treating large scale historic properties of religious and cultural significance. The "Native American Traditional Cultural Landscapes Action Plan" outlines actions to address the challenges the ACHP believes are most critical for both protecting these historic properties as well as hurdles in the Section 106 and National Environmental Policy Act. Download a copy of the plan at twww.achp.gov.

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Wells Fargo & Company announced the closing of $41.4 million in financing for the rehabilitation of Mayfair Mansions III, a Washington, D.C. registered historic affordable housing complex. Wells Fargo invested $4.1 million in the property's federal historic tax credits (HTCs) and $9.4 million in its low-income housing tax credits (LIHTCs); it also provided a credit enhancement and letters of credit for tax-exempt bonds. The financing supported phase three of the rehabilitation, which will total 160 units for residents earning 60 percent or less of the area median income. Mayfair Mansions is the first privately developed multifamily property to be insured by the Federal Housing Administration for occupancy by African American residents. The property was built in 1946 and is listed on the National Register of Historic Places.

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The Ohio Historic Preservation Office presented Preservation Merit awards to seven individuals and project partners who have helped preserve the state's prehistory, history, architecture or culture. Eligible activities include restoring, rehabilitating or otherwise preserving an important building or site; longtime stewardship of a property promoting protective legislation; funding preservation projects; offering leadership, support or service; and furthering preservation at the local, regional or state levels. Winners are Patricia S. Eldredge of Hudson, for preservation advocacy and leadership; the Athens Chapter of the National Alliance on Mental Illness and the Ridges Cemeteries Project Committee, for the preservation and rehabilitation of the cemeteries at the Ridges; Lormet Community Federal Credit Union, Oberlin Branch, Mark Lesner Architect & Associates Inc. and the Oberlin Heritage Center, for the preservation and rehabilitation of the 1958 Peoples Banking Company building; The Chesler Group Inc. and Dimit Architects for the preservation and rehabilitation of the Andrew Jackson House in Akron; Shawnee Place Limited Partnership, the Model Group, City Studios Architecture and McCall Sharp Architecture LTD, for the preservation and rehabilitation of the Shawnee Hotel in Springfield; Fayette Garden Club, Washington Garden Club and the City of Washington Court House for the preservation and rehabilitation of the 1892 Washington Cemetery Fountain in Washington Court House; and Cincinnati Center City Development Corporation, Northpointe Group, and Wichman + Gunther Architects for the rehabilitation of 10 historic buildings in Cincinnati's Over the Rhine historic district.

Journal Category:

Historic Tax Credits

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Novogradac

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