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Historic Tax Credits News Briefs - May 2010

Applications for funds through Preserve New York, a grant program administered by the Preservation League of New York State and the New York State Council on the Arts (NYSCA), are now available to eligible municipalities and not-for-profit organizations. A total of $109,149 is available for historic structure reports, historic landscape reports and cultural resource surveys. Grants are expected to range from $3,000 to $5,000 each and applications are due by May 17. The Preservation League encourages projects that advance the preservation of neighborhoods and downtowns that qualify for the New York State historic rehabilitation tax credit, preserve architecture and landscapes of the recent past, and continue the use of historic public buildings. Prospective applicants should contact the Preservation League to discuss their projects and to request an application. Program guidelines are available on the Preservation League’s website.

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The Ohio Historic Preservation Office reports that private investment in Ohio projects using the federal historic rehabilitation tax credit (HTC) has exceeded $2 billion. In addition, a number of recently certified projects have also qualified for the new 25 percent Ohio Historic Preservation Tax Credit, which is administered by the Ohio Department of Development in partnership with the state Historic Preservation Office and the state Department of Taxation. Ohio has consistently placed among the top five states for the number of projects receiving HTC awards.

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The Baxter Library Building in Portland, Maine is undergoing a $4.5 million renovation using federal and state historic tax credits (HTCs). Northland Enterprises LLC is overseeing the project, which is reported to be one of the first commercial uses of Maine’s state HTC. Formerly known as the Portland Public Library, the 121-year-old building is expected to be completely renovated by August. Renovations include the installation of all-new heating and cooling systems and an elevator; replacement of windows with new historic replicas; new power, fiber and life safety systems; a new mezzanine presentation space; the addition of a third floor; repointing and cleaning of the historic façade; and new landscaping and a new entrance in the rear of the building. In addition to the HTCs, financing for the project is being provided by Coastal Enterprises Inc., Bangor Savings Bank and the Maine Rural Development Authority, as well as tax increment financing through the city of Portland.

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The National Housing and Rehabilitation Association (NH&RA) is accepting entries for the 2010 J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. Awarded annually by a multidisciplinary judging panel, the “Timmy” awards recognize rehabilitation and preservation projects on the basis of design, quality, interpretation and respect of historic elements, community impact, and financial success. Entries will be accepted until July 9 and winners will be recognized at NH&RA’s fall meeting in Boston, Mass. For more information or to download an application, visit www.housingonline.com or contact Greg Sidorov at (202) 939-1773.

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Construction began in March on Oliver Lofts, a $25 million development involving the adaptive reuse of two four- and five-story historic mill buildings in Boston, Mass. The buildings had been vacant for 25 years. Upon its completion in July 2011, Oliver Lofts will feature 62 mixed-income units and qualify for U.S. Leadership in Energy and Environmental Design (LEED) Homes Silver certification. Financing for the project includes historic tax credits, low-income housing tax credits, $2.5 million from the state Department of Housing and Community Development and the affordable housing trust, and $750,000 from the city of Boston.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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