Historic Tax Credits News Briefs - January 2021
The Texas historic preservation tax credit (HTC) has created more than $2.6 billion in investment in historic buildings since 2015, according to a report from the Texas Historical Commission. The report estimates that the state HTC has resulted in the completion of 243 properties and has supported more than 54,000 jobs in the state. The report also estimates that $53.9 million in state taxes and $181.6 million in local taxes have been generated. The Texas state HTC provides a credit equal to 25% of qualified expenses.
Samaritas–a nonprofit social services provider–held a virtual open house Nov. 20, 2020, featuring the redevelopment of the former St. Joseph Seminary building in Grand Rapids, Michigan, into an affordable housing development for seniors. The development will also be the headquarters for the organization’s child and family services departments. The development will provide affordable apartments for seniors who earn 30%, 40% and 60% of the area median income. The development was awarded HTCs and $13.3 million in state low-income housing tax credits.
Twain Financial Partners announced Nov. 17, 2020, the successful financing to rehabilitate the Milwaukee Athletic Club in Milwaukee. The site is being redevelopment into 54 apartments, office and retail space. The development received $8.8 million in federal HTCs.
Twain Financial Partners announced Nov. 17, 2020, the successful funding of $4.5 million in federal HTC equity to restore the historic Hotel Forty-Five in Macon, Georgia. The financing will transform the site into a Tribute Portfolio Hotel by Marriot. Upon completion, the hotel will feature 94 rooms and three food and beverage outlets and a rooftop bar.