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Historic Tax Credits News Briefs - June 2016

A bill to extend Alabama’s state HTC program until 2022 died May 9 without a vote in the Senate when Alabama’s legislative session ended. The bill, H.B. 62, was passed by the Alabama House of Representatives in April, but was held up in the Senate by President Pro Tem Del Marsh due to budget concerns. Alabama state HTCs will not be available to owners of qualified structures that submitted an application and rehabilitation plan after May 15.

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The Advisory Council on Historic Preservation (ACHP) announced a joint agreement April 1 with the Seminole Tribe of Florida for federal projects on tribal lands to be reviewed under the tribe’s cultural resource ordinance rather than the ACHP’s regulations. Under Section 101(d)(5), the agreement affords the Seminole Tribe the ability to exercise sovereignty and self-determination regarding its cultural heritage on its lands. The signing ceremony took place on March 24, during the ACHP’s business meeting in Tampa, Fla.

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Insight Capital announced May 4 that developer Home Renewal System was a recipient of the 2016 Governor’s Award for Historic Preservation for the Gateway Senior Apartments Project in Fremont, Mich. The renovation transformed former Fremont High School into 38 apartments of mixed-income senior housing. InSite Capital aided Home Renewal Systems by investing in historic tax credits (HTCs) and low-income housing tax credits (LIHTCs) for the adaptive reuse of the historic building. Additional funding was provided by Chemical Bank with construction financing. Newaygo County provided a brownfield grant and a Michigan Housing and Community Development Fund Grant provided additional equity. Construction began in June 2014 and first residents moved in May 2015. Home Renewal System received the award during the ceremony in the Michigan State Capitol Rotunda in May.

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The Iowa Department of Cultural Affairs announced the allocation of $32.7 million in HTCs May 5 for the preservation of 14 developments in eight Iowa communities. Total investment in the projects, including qualified and non-qualified rehabilitation costs, is $160.8 million. Awards ranged from $450,000 to $8.1 million.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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