Sign Up For Novogradac Industry Alert Emails

Historic Tax Credits News Briefs - November 2014

On Oct. 1, President Barack Obama announced the reappointment of Bradford J. White to the Advisory Council on Historic Preservation (ACHP)for a renewed term. White will serve a second four-year term on the ACHP. He will be a general public member. He currently chairs the ACHP’s Preservation Initiatives Committee. White is the associate director of the Alphawood Foundation, a Chicago-based private foundation. Previously, White served as the former senior vice president of acquisitions and development at The Habitat Company LLC. Prior to that, he was vice president of Related Midwest LLC. White is also the past chair of the Landmarks Preservation Council of Illinois and Preservation Action. He received a Bachelor of Arts degree in economics from the University of Michigan, and a J.D. from DePaul University.

***


On Sept. 9, the city of Green Bay, Wis.’s redevelopment authority approved $4.7 million in federal loan money to Frantz Community Investors for the rehabilitation of Hotel Northland, a full-service boutique hotel in Green Bay, Wis. Funding was provided through a HUD loan awarded through the city; $2.5 million in city tax reimbursements; $500,000 from a state grant; $900,000 in cash equity; $20.8 million private loans and an expected $10.8 million from state and federal historic tax credits (HTCs). Rehabilitation costs are expected to total $40 million. Hotel Northland, listed on the National Register of Historic Places, will provide 160 rooms with amenities including food and beverage outlets, meeting and wedding spaces and a club membership. A total of 160 full-time jobs are expected to be created. A grand opening is expected in August 2015, with construction anticipated to begin in November of this year.

***

On Sept. 10, First Niagara Financial Group Inc. announced a $12 million financial package to Schneider Development for the renovation of Apartments At The Hub, a mixed-use property in Buffalo, N.Y. The finance package includes a $7.2 million construction loan and a $4.8 million HTC equity investment. Apartments At The Hub will feature 18 one-bedroom and 32 two-bedroom apartments, and a bike shop, a pub and a bicycle-themed fitness studio. Amenities will include a fitness center and gated and garage parking.

***

On Sept. 29, California Gov. Jerry Brown vetoed A.B. 1999, a bill that would have created a state HTC. In his veto message, Gov. Brown said that while he supports the goals of the bill, a cost of $400 million over a period of years is a spending commitment that should be considered with other priorities during the annual budget. The bill is available at www.historictaxcredits.com.

***

Interior Secretary Sally Jewell and National Park Service Director Jonathan B. Jarvis announced Oct. 2 $500,000 in matching grants to help fund 13 projects across the United States. The awards will go to increase the number of listings on the National Register of Historic Places that are associated with underrepresented communities including the Latino, African-American, Asian-American and lesbian, gay, bisexual and transgender communities. The projects include surveys and inventories of historic properties associated with communities underrepresented in the National Register, as well as the development of nominations to the National Register for specific sites. The grants announced were paid for with 60 percent federal funding and a match of at least 40 percent state or other nonfederal funding. Survey projects include those that will inventory African-American heritage sites in Montana, Pueblo Nations in New Mexico, LGBT sites in New York City, Latino properties in Washington’s Yakima Valley and Asian-American sites in Utah. Nominations to the register will be prepared for LGBT sites in Kentucky, African-American Civil Rights resources in Baltimore and sites associated with Chinese immigrants and Chinese Americans in Boston. Grants ranged from $25,000 to $70,000.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

Learn more about Novogradac's expertise and many services