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Historic Tax Credits News Briefs - March 2016

The National Park Service (NPS) on Jan. 13 released a notice inviting public comment on the request for renewal by the Office of Management and Budget (OMB) of its historic preservation certification application for purposes of the HTC. NPS seeks feedback on whether the information collection is necessary, as well as asks about ways to enhance the quality, utility and clarity of it while minimizing the burden on respondents. Comments are due on or before March 14. The notice is available at www.historictaxcredits.com.

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On Jan. 6, the Woda Group announced the award of $1.9 million in state historic tax credits (HTCs) awarded to Nelsonville School Commons in Nelsonville, Ohio. Originally designed as a high school, the building was constructed in two phases between 1907 and 1925, and eventually transitioned to a middle school in 1967. The building sat vacant since 1996, and will be redeveloped into 33 affordable senior apartments and 9,000 square feet of commercial business and office space. Construction is expected to be complete spring 2017. The property is located in the historic Nelsonville National Register Historic District.

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The Virginia Department of Historic Resources amended regulations 17 VAC  Section 10-30-10 through 10-30-160, effective Feb. 10. Amendments made to the state HTC include the requirement to provide certain information on the “evaluation of significance” on the historic preservation certification application. The amendments also require that projects with rehabilitation expenses of more than $500,000 to provide an independent audit report and review, and for developments with rehabilitation expenses of less than $500,000, the requirement includes an agreed upon procedures engagement report by an independent accountant. The fee structure for processing rehabilitation certification requests was revised and the fees charged by the department for reviewing rehabilitation certification requests was also increased. More information is available at www.dhr.virginia.gov.

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Barber Companies announced Jan. 15 the renovation of a historic building in the neighborhood of Five Points South in Birmingham, Ala. The Highland Building, constructed in 1923, currently houses several restaurants, but in the past, was home to Club Crush, Bell Bottoms and Louie Louie’s. Don Erwin, vice president of corporate development for the Barber Companies, said in an article in Bizjournal, that the goal is to bring the building as close as possible back to the way it was in the 1930s and ‘40s. Exterior renovations will be made to the 14,820-square-foot via the state HTC program, with costs of nearly $1 million.

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The Anne Arundel County, Md., council approved a bill Feb. 1 to create a county-level HTC. Introduced by Councilman Chris Trumbauer, the HTC can cover up to 25 percent of rehabilitation costs on eligible properties. A qualifying building needs to be at least 65 years old and have a high level of historical significance to qualify for the credit, which is capped at $50,000 per qualified property owner. New construction in the middle of a historic district may also qualify for a 5 percent tax credit if the architecture is compatible with surrounding properties. Historic property owners can claim the credit for up to five years. The legislation passed 5-2.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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