Historic Tax Credits News Briefs - March 2021
The Alabama Department of Revenue amended regulations concerning the state historic tax credit (HTC). Under the new regulations, the state HTC can only be transferred once. In addition, once a state HTC is transferred, it is nonrefundable. The changes were effective Jan. 14. The Alabama HTC is for 25% of qualified rehabilitation expenditures for private homeowners or owners of commercial properties who substantially rehabilitate historic properties. There is a $20 million annual cap.
The administration of Gov. Larry Hogan announced Jan. 4 that the Maryland Historical Trust (MHT), a division of the Maryland Department of Planning, awarded seven developments more than $9 million in state HTCs. The credits are expected to leverage more than $33 million in additional investment.
Walker & Dunlop announced Jan. 7 that it structured $29.7 million in bridge financing for The Garage, a newly redeveloped property in New Orleans. The development was formerly an automobile dealership but now includes 51 multifamily apartment and more than 20,000 square feet of retail. The development received state and federal HTCs.