Historic Tax Credits News Briefs – January 2019

Wednesday, January 9, 2019

MacRostie Historic Advisors (MHA) announced Nov. 20 the recent appointment of Albert Rex as MHA’s first chief executive officer. Rex became a partner in the firm in 2014 and has been with the company since 2004. Rex will lead the firm’s administrative team, overseeing companywide planning and execution of business objectives and daily operations. He will remain in Boston, expanding the MHA team’s business development activities throughout the Northeast and client access to expertise on maximizing historic tax credit (HTC) equity financing. In addition, Kim Smith Barnett joined MHA as director of the Boston office. Most recently, she worked at the Providence Revolving Fund both as a historic consultant as well as a lender and equity partner in historic property developments. 

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Officials of the Department of Natural Resources signed an agreement Nov. 21 with Dominium, an affordable housing development and management company, to transform historic buildings at the Fort Snelling Upper Post in St. Paul, Minn., into affordable housing. Preference will be given to military veterans and their families. Redevelopment will include transforming 26 buildings, built in the 1800s, into 176 affordable housing apartments on the 41-acre site. The $100 million development’s financing includes equity from low-income housing tax credits, federal and state HTCs, and tax-exempt bonds. The property is expected to open in 2021.


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The Brooklyn Navy Yard Development Corporation announced Nov. 14 the $42 million closing on financing for the redevelopment of Building 127 in Brooklyn, N.Y. This is the last adaptive reuse project for the property, which was built for boat construction by the U.S. Navy in 1904. Construction will add 95,000 square feet of modern industrial and manufacturing space. Financing included new markets tax credits, HTCs, private debt and New York City capital. The property is expected to be complete early 2020. 

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The Iowa Economic Development Authority (IEDA) announced $23 million in HTCs Nov. 20 for the historic preservation of seven properties throughout the state. For the October 2018 round, IEDA received 14 applications requesting $62 million in HTCs.

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The National Trust for Historic Preservation published a report, “State Historic Tax Credits: Maximizing Preservation, Community Revitalization, and Economic Impact,” Nov. 4 to serve as a guide for state and local policymakers to understand the benefits of historic rehabilitation and key factors to structure an effective state HTC program. The report highlights the 35 states with a state-level HTC and the characteristics of the HTCs that drive the most reinvestment. The report is available at www.historictaxcredits.com.
 

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