Historic Tax Credits News Briefs – June 2018

Thursday, June 7, 2018

As of mid-April, restoration of the former James Scott mansion in Detroit was almost complete. Initially built in the 1890s and later expanded, the 24,000-square-foot three-story building is undergoing a $6-million transformation into 26 apartments, with the help of $1.4 million in HTC equity. 

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Milwaukee Symphony Orchestra’s plans to renovate and expand the 87-year-old Warner Grand Theatre in Milwaukee moved forward at the end of April with state approval of nearly $11.1 million in state HTCs. The $80 million redevelopment will transform the former theater into the Milwaukee Symphony Center performance hall, expanding the 13-story building to provide more space for dressing rooms, loading docks and other back-of-house uses. Additional financing includes federal HTCs and $21 million in private contributions. The opening of the Milwaukee Symphony Center is scheduled for the fall of 2020.

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Regan Development Corporation celebrated the completion in mid-April of its $17.3 million makeover of the historic Buffalo Milk Co. building into new residential apartments in Buffalo, N.Y. The affordable housing complex is now open for residents. The 77,000-square-foot building was converted into 53 one- and two-bedroom apartments with the help of $2.9 million in low-income housing tax credit (LIHTC) equity, a $9.3 million construction loan from Community Preservation Corporation, $3 million in federal HTC equity and $2 million in state HTC equity. There are 41 one- and 12 two-bedroom apartments, as well as two first-floor commercial spaces. Amenities include a community room, a playground and green space. Eight apartments are reserved for formerly homeless refugees through a partnership with the International Institute of Buffalo. 

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