Historic Tax Credits News Briefs – March 2019

Thursday, March 7, 2019

The National Trust Community Investment Corporation (NTCIC) announced in late January the recent closing of funding for the rehabilitation of the Hoen Lithograph Building in Baltimore. When construction is complete in 2020, the 1885 Hoen building will become the Center for Neighborhood Innovation. The adaptive reuse of the 85,000-square-foot historic building will involve transforming the building into a community-serving resource for workforce development, education and entrepreneurship. Financing for the $28.3 million revitalization included a variety of state and local grants, more than $4.4 million in federal historic tax credits (HTCs) and $24.3 million in new markets tax credits, $10 million of which was provided by NTCIC. 

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Legislation was introduced in the Virginia legislature Jan. 15 to permanently extend the state’s $5 million-per-taxpayer cap on its HTC. The cap was in effect for 2017 and 2018, but expired Jan. 1. HB 2705 would extend that cap permanently. The Virginia credit is for 25 percent of eligible expenses. A copy of the bill is available at www.historictaxcredits.com.

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Legislation was introduced in Hawaii by five state senators Jan. 24 to create a state HTC worth 25 percent of qualified rehabilitation expenses, with a 30 percent credit for properties that include a minimum amount of affordable housing. SB 1394 would include the 30 percent credit if 20 percent of housing units are affordable rental units or 10 percent are affordable homeownership units. The credit would begin in 2020. The bill is available at www.historictaxcredits.com.

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