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Historic Tax Credits News Briefs - January 2015
On Nov. 6, the Advisory Council on Historic Preservation (ACHP) presented the Tribal Consultation Committee (TCC), North Dakota Department of Transportation and the Federal Highway Administration with its Chairman’s Award for Achievement in Historic Preservation. The award was presented to these organizations for their efforts to improve tribal consultation practices for the past 20 years. The Chairman’s Award for Achievement in Historic Preservation highlights outstanding historic preservation practices. Efforts by the three organizations led to the creation of the TCC, which meets regularly and brings key decision-makers together to consider effects on historic places and ways to avoid or mitigate them.
On Nov. 5, the Community Preservation Corporation (CPC) held a tape-and-spackle ceremony in lieu of a groundbreaking for the redevelopment of the Bevier Memorial Building in downtown Rochester, N.Y. The property will be converted into a mixed-use space with 15 loft-style apartments above 5,000 square feet of ground-floor office space. Funding for the $4 million in renovations includes private capital, a $2.7 million construction loan from CPC and a $750,000, 24-month historic tax credit (HTC) bridge loan from the city of Rochester through its Capital Project Housing Revolving Loan Fund. The County of Monroe Industrial Development Agency will provide a Payment In Lieu of Tax (PILOT) agreement and exemptions from the state mortgage recording tax and sales tax on construction materials. The Bevier Memorial Building will provide five one-bedroom, one-bath units; nine two-bedroom, two-bath units; and one three-bedroom, two-bath unit.
The National Trust for Historic Preservation, the Historic Tax Credit Coalition, the National Main Street Center Inc., and the National Trust Community Investment Corporation sent a sign-on letter Nov. 4 to the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation in support of Community Reinvestment Act (CRA) eligibility for the HTC program. The letter requests that a clarification regarding the circumstances that a federal HTC investment qualifies for CRA Credit be included in the proposed changes to the CRA questions-and-answers document that was released Sept. 8. The letter described the benefits of the HTC program and how historic rehabilitation supports the creation and growth of small businesses. A total of 168 organizations signed the letter. The letter is available at www.historictaxcredits.com.
On Nov. 24, U.S. Bancorp Community Development Corporation (USBCDC) and Core Realty Inc. announced the closing of a $4.3 million investment in HTC equity for the rehabilitation and redevelopment of the historic Ajax Metal Co. building in Philadelphia into a mixed-use property. Core Realty Inc. plans to renovate the 141,000-square-foot space for use as a Live Nation Fillmore concert venue; Revolutions Bowling, a new-age bowling alley; Travinia Italian Kitchen restaurant; a distillery; and office and retail space. Core Realty Inc. is a developer specializing in the adaptive reuse of older, existing buildings in up-and-coming or blighted neighborhoods. The development will cost nearly $26 million and Waterview Grande Contractors expect construction to be complete by August.
Heritage Consulting Group announced Nov. 11 the addition of three properties to the National Register of Historic Places. The properties are the Metropolitan Life Hall of Records in Bronxville, N.Y.; Heathman Hotel in Portland, Ore.; and Hanthorn Apartments in Portland, Ore. The Metropolitan Life Hall of Records is being adapted into MetLofts with market-rate condominiums. Heathman Hotel and Hanthorn Apartments will be redeveloped into affordable housing properties.