Sign Up For Novogradac Industry Alert Emails

Historic Tax Credits News Briefs - January 2016

The National Trust Community Investment Corporation (NTCIC) announced Nov. 13 the retirement of John Leith-Tetrault, president. Leith-Tetrault retired after 15 years with NTCIC and 21 years with the National Trust for Historic Preservation. He pioneered the concept of twinning historic and new markets tax credits and also founded and remains chairman of the Historic Tax Credit Coalition (HTCC). In addition, NTCIC announced the appointment of Merrill Hoopengardner as NTCIC’s new president. Most recently, she has served as principal at Advantage Capital Partners, a national financial services company. Before that, she served as a real estate finance attorney at Nixon Peabody. Hoopengardner was scheduled to start in January.

***

On Nov. 16, the Maryland Historic Trust announced the recipients of the most recent round of sustainable communities tax credits. The six applicants selected for the 2016 tax credit received a total of $9 million. The properties were Footer’s Dye Works in Cumberland, the Hearn Building in Cambridge, St. Michael’s Church Complex in Baltimore, East Biddle Street in Baltimore, Academy School in Cambridge and the Sykesville Hotel in Sykesville. Awards ranged from $58,000 to $3 million. There were 19 applicants requesting more than $32 million. More than 650 construction jobs are expected to be created thanks to this round of tax credit awards.

***

WinnDevelopment, a subsidiary of the national property development and management company WinnCompanies, announced the groundbreaking Nov. 9 of a new mixed-income housing property. The former Nockege Yarn Mill in Fitchburg, Mass., will be converted into 96 mixed-income units. There will be 57 market-rate units and 39 affordable units, 29 of which will be available to residents earning 60 or less of the area median income (AMI). The remaining 10 units will be reserved for residents earning 30 percent or less of the AMI. The three-story, 190,000-square-foot building is on 7.4 acres. Redevelopment is expected to total $24.2 million and construction is expected to be completed by May 2017. MassHousing will provide $1.4 from the state’s Affordable Housing Trust Fund. The $37.4 million development is also financed through the sale of state and federal low-income housing tax credits (LIHTCs) and historic tax credits (HTCs), and additional funding from the Massachusetts Department of Housing and Community Development and the Housing Partnership and Bank of America.

***

The Advisory Council for Historic Preservation (ACHP) announced training courses Nov. 18 for the Section 106 program. There are two courses available, the Section 106 Essentials and the Advanced Seminar. The essential course will accommodate those who are interested in building familiarity with the Section 106 regulations, learning how to conduct a review and creating a foundation in the basics of federal historic preservation requirements. The advanced seminar is for professionals who are already comfortable with the four-step review process and the Section 106 regulations. More information about the trainings is available at www.achp.gov.

***

Heritage Consulting Group announced Nov. 27 the appointment of Lee Riccetti as a junior associate. Before joining Heritage Consulting Group, Riccetti worked for a local real estate developer as a project manager for the adaptive reuse of historic buildings for low-income housing. In addition, she worked for several nonprofit organizations. Riccetti will work from the organization’s Philadelphia office.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

Learn more about Novogradac's expertise and many services