Historic Tax Credits News Briefs - July 2010

Thursday, July 1, 2010

The New Jersey Assembly’s Environment and Solid Waste Committee voted in favor of A. 1851, the Historic Property Reinvestment Act, which would establish a state tax credit for rehabilitating a historic property. A. 1851 would allow for a 25 percent credit toward the taxpayer’s rehabilitation costs, with no cap for businesses claiming the credit. The bill now awaits action by the Assembly Appropriations Committee before being considered by the full Assembly. The Senate has not yet scheduled a hearing on its companion bill S. 659.

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Old North Saint Louis Restoration Group announced that 11 buildings in one of its redevelopment projects, Crown Square, received a “most enhanced” award from Landmarks Association of St. Louis. The project to redevelop the former 14th Street Mall is a collaboration of Old North St. Louis Restoration Group and Regional Housing and Community Development Alliance. The buildings will be converted to 80 housing units and 32,000 square feet of commercial space in a $32 million historic rehabilitation. Financing sources include equity from new markets tax credits, low-income housing tax credits, and federal and state historic tax credits.

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Dorfman Capital announced the completion of a Massachusetts historic tax credit (HTC) sale associated with the rehabilitation of the Stately Temple House in Springfield, Mass. Built in 1883, the building has been redeveloped into office space for a law firm’s headquarters. The structure, listed on the National Register of Historic Places, is part of the Lower Maple Historic District that consists of approximately 50 Victorian and pre-Victorian buildings.

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Michigan Historic Preservation Network (MHPN) and the city of Kalamazoo received a 2010 Governor’s Award for Historic Preservation for their window rehabilitation workshops, a joint effort of MHPN and the city to train unemployed and underemployed contractors in historic wood window restoration. After the first workshop in 2009, MHPN reports that six out of the 12 students went on to start their own businesses and the remaining six are now working for other contractors. Two more workshops were held for building professionals and two for homeowners in the city of Kalamazoo. The two-week long workshop includes hands-on training, historic preservation basics, lead-safe certification, weatherization and sustainability training; and small business guidance.

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The National Trust for Historic Preservation named America’s state parks and state-owned historic sites to its 2010 list of America’s Most Endangered Historic Places. The annual list highlights examples of the nation’s heritage that are at risk for destruction or irreparable damage. The National Trust said that this year nearly 30 states have experienced cuts to parks’ and sites’ budgets and, according to a recent survey, as many as 400 state parks could close. Other sites on the 2010 list are, in alphabetical order, Black Mountain, Harlan County, Ky.; Hinchcliffe Stadium, Paterson, N.J.; Industrial Arts Building, Lincoln, Neb.; Juana Briones House, Palo Alto, Calif.; Merritt Parkway, Fairfield County, Conn.; Metropolitan A.M.E. Church, Washington, D.C.; Pagat, Yigo, Guam; Saugatuck Dunes, Saugatuck, Mich.; Threefoot Building, Meridian, Miss.; and Wilderness Battlefield, Orange and Spotsylvania counties, Va.

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American Express and TakePart announced that the National Trust for Historic Preservation and Rails-to-Trails Conservancy will each receive $200,000 grants through Members Project, an online initiative to provide the public an opportunity to vote for charitable organizations that they think deserve funding from American Express. American Express is awarding a total of $1.2 million to the winners of six categories: arts and culture; community development; environment and wildlife; education; and health and wellness. National Trust and Rails-to-Trails tied for first place in the arts and culture category after a three-month long online voting campaign. David Brown, National Trust’s acting president, said the not-for-profit would use the award to expand online educational programs to reach a broader audience.

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