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Historic Tax Credits News Briefs - March 2017
The chairman of the Advisory Council on Historic Preservation (ACHP) issued a letter Jan. 30 to the chairman and the ranking member of the House Ways and Means Committee, highlighting the success of the federal historic tax credit (HTC) and requesting that the committee consider the “effectiveness, value and reach” of the HTC during tax reform discussions. Milford Wayne Donaldson’s letter to Rep. Kevin Brady, R-Texas, and Rep. Richard Neal, D-Mass., also included statistical highlights of the HTC program since 1976. The ACHP is an independent federal agency that advises the president and Congress on matters related to historic preservation. The letter is available at www.historictaxcredits.com.
Community Preservation Corporation (CPC), a nonprofit affordable housing and community revitalization finance company, and developer 800 Broadway LLC announced $1.5 million in financing Jan. 31 for the rehabilitation of a historic property in Albany, N.Y. The four buildings at 800-804 Broadway will be converted into 15 one- and two-bedroom apartments. Development costs are expected to total $2 million. The $1.5 million was provided by CPC as a construction loan and SONYMA-insured permanent loan financed through CPC’s agreement with the New York State Common Retirement Fund. The developer plans to apply for federal and state HTCs. Renovation work will include installing new floors and exteriors, electrical, plumbing, flooring, heating, roof replacement and landscaping. Apartments will be available to those earning between 60 percent and 80 percent of the area median income (AMI).
The ribbon-cutting ceremony for Capewell Lofts in Hartford, Conn., was Jan. 18. Developer CIL transformed the former Capewell Horse Nail Company factory, built in 1881, into 72 apartments, with the help of $5 million in state HTC equity and $4.2 million in federal HTC equity. Development costs were $27 million, with funding provided in the form of $1.2 million in equity from CIL, a $5 million publicly subsidized loan from the Capital Region Development Authority and a $3.5 million loan from state brownfields funds.
Churchill Stateside Group LLC (CSG) announced the closing Jan. 25 of a $9.8 million HTC transaction for the rehabilitation of a historic property in Atlanta. The historic Kaiser building, a former shoe factory built in 1914, will provide 41 loft apartments. CSG is providing a $7.6 million interim construction facility and a $6.7 million fixed-rate, permanent loan commitment. Churchill also received $2.1 million in state and federal HTCs.
On Jan. 5, Sally Jewell, secretary of the interior announced $500,000 in grants to underrepresented communities in order to increase their number of listings on the National Register of Historic Places. The grants, available via the Historic Preservation Fund, will help nine states, two Indian tribes and a local government to prepare nominations of properties representing Hispanic-Americans, African-American, Asian-American, Native Americans, women and LGBTQ Americans. Grants ranged from $19,800 to $50,000 and were distributed to organizations in Alabama, Arizona, California, Colorado, the District of Columbia, New York, Pennsylvania, Texas, Virginia, Washington and Wisconsin.