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Historic Tax Credits News Briefs - May 2011

The National Park Service (NPS) released its annual report for fiscal year (FY) 2010 on the historic tax credit (HTC) program. "Federal Tax Incentives for Rehabilitating Historic Buildings: Annual Report for Fiscal Year 2010" includes information about the program's use and performance throughout the year. According to NPS, the HTC has spurred $3.42 billion in new rehabilitation work, which created 41,641 jobs and 5,514 low- and moderate-income housing units. Along with its annual report, NPS released "Federal Tax Incentives for Rehabilitating Historic Buildings: Statistical Report and Analysis for Fiscal Year 2010," a statistical report that provides a more detailed analysis of the program, including state-by-state project activity and program trends. Read both reports online at www.historictaxcredits.com.

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The Missouri Alliance for Historic Preservation recognized the Railton Residence in downtown St. Louis, Mo. with a 2011 Preserve Missouri Award. St. Louis Equity Fund and PNC Bank partnered with the Salvation Army on the historic building's $14 million rehabilitation, which included the removal of non-historic fabric to reveal hidden architectural details of the former Robert E. Lee Hotel. The renovated property opened in 2009 and offers 104 one-and two-bedroom apartments to households earning 60 percent or less of the area median income. St. Louis Equity Fund says this is the Railton Residence's fourth award; last year it received the Development of the Year award from the city of St. Louis, an Honor Award from the Landmarks Association and a Cityscape Award from the Partnership for Downtown St. Louis and the Downtown Community Development District.

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The National Trust Community Investment Corporation (NTCIC) provided $9 million in historic and new markets tax credits for the rehabilitation of Hotel Ignacio in St. Louis, Mo. The Lawrence Group and Saint Louis University are converting the building, a former shoe-dyeing factory, into a 51-room hotel with 3,000 square feet of ground floor restaurant and art gallery space. U.S. Bancorp Community Development Corporation served as the tax credit investor. Other financing for the $16.3 million project includes $5 million in NMTC financing from Saint Louis Development Corporation and $1.3 million in developer equity. Projections are that the rehabilitation will generate 103 construction jobs and 125 permanent jobs, in addition to nearly $719,000 in state and local tax revenues.

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The National Housing & Rehabilitation Association is accepting entries for the seventh annual J. Timothy Anderson Awards for Excellence in Historic Rehabilitation. The awards recognize outstanding rehabilitation and preservation projects in seven categories: best commercial/retail/non-residential project, best small historic rehab utilizing LIHTCs; best large historic rehab utilizing LIHTCs; best historic rehab utilizing new markets tax credits; best market-rate/mixed-income residential, best historic rehabilitation project involving new construction and most innovative adaptive reuse. Entries will be accepted until July 15. Application materials are available from www.housingonline.com.

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The NPS invited comments on a proposed extension of an information collection regarding procedures for state, tribal and local government historic preservation programs. The set of information collections affects state, tribal and local governments that wish to participate in the National Historic Preservation Partnership Program, and state and tribal governments that wish to apply for Historic Preservation Fund grants. Comments are due by May 24. For more details, see the March 25 Federal Register notice.

Journal Category:

Historic Tax Credits

Authors:

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