Historic Tax Credits News Briefs - October 2013

Tuesday, October 1, 2013

Aries Capital announced Aug. 14 the arrangement of roughly $10 million of historic tax credit (HTC) financing on behalf of Campus Acquisitions. The funding will go to the redevelopment and conversion of 20-28 E. Jackson, the Gibbons and Steger buildings, into 194,000 square feet of new student housing in Chicago, Ill. The development will have 135 units and 10,500 square feet of ground level retail and will be located across the street from DePaul University’s business school. Construction has begun and is expected to be complete by August 2014. Linn-Mathes Inc. is the general contractor for the development and Pappageorge Haymes Ltd. is providing architectural services.

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U.S. Bank, working with the Massachusetts Housing Investment Corporation and Vermont Rural Ventures, invested $11.2 million in HTCs for the renovations of the historic Brooks House in Brattleboro, Vt. The building, vacant since a 2011 fire, broke ground July 17. Mascoma Savings Bank, the Vermont Economic Development Authority, Brattleboro Development Corporation, the Town of Brattleboro contributed to financing. The property also received Community Development Block Grants. Project costs are expected to total $24 million.

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On Aug. 27, the Rhode Island Division of Taxation held a drawing to allocate the state’s historic tax credits. Allocatees received a total of $34.5 million in credits. The Division of Taxation began accepting applications for the credits on Aug. 1 and the 41 applicants who applied on that day were entered into the drawing, as requests for funding exceeded the allotted amount. Thirty-two were given tentative credits. The remaining Aug. 1 applicants, as well as those who applied later, have been placed on a waiting list in the event that funds become available.

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On July 18, Leonard Forsman, chairman of the Suquamish Tribe, took the oath of office for the Advisory Council on Historic Preservation (ACHP). President Barack Obama in May appointed Forsman to serve on the 23-member board. Forsman has been vice president of the Washington Indian Gaming Association since 2010 and has been a member of the Washington State Historical Society Board since 2007. Previously, Forsman was a research archaeologist for Larson Anthropological/Archaeological Services in Seattle, Wash. from 1992 to 2003, and from 1984 to 1990, he was director of the Suquamish Museum in Suquamish, Wash. Forsman received a bachelor’s degree in anthropology from the University of Washington and a master’s degree in historic preservation from Goucher College.

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Virginia Gov. Bob McDonnell Aug. 27 issued a statement promoting the use of the historic tax credit (HTC) in local school modernization projects. In his statement McDonnell discussed eliminating the prior rule use, which prohibits tax-exempt entities that modernize schools from receiving HTCs. McDonnell, in his argument for eliminating the prior use rule, said that if localities could use these tax credits, they could save on local construction costs and direct the additional money into the classroom for instruction, without raising local taxes. He closed his statement by saying that Washington policy makers need to address this as part of their tax reform and job creation agendas.

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On Aug. 29, Milford Wayne Donaldson and Clement Alexander Price were appointed as chairman and vice chairman on the Advisory Council on Historic Preservation (ACHP) by President Barack Obama. They will each serve four-year terms. Donaldson began his first term as chairman in May 2010 and Price joined the ACHP in August 2011 as general public members of the council. Donaldson is president of Architect Milford Wayne Donaldson FAIA Inc., a firm specializing in historic preservation services. Donaldson was the California State Historic Preservation Officer from 2004 to 2012. He is a former president of the California Preservation Foundation and previously was the chair of the State Historical Building Safety Board, the state Historical Resources Commission and the Historic State Capitol Commission. Price is the board of governors distinguished service professor of history, as well as the founder and director of the Institute on Ethnicity, Culture and the Modern Experience at Rutgers University, Newark Campus. He is a trustee of the Geraldine R. Dodge Foundation and the National Trust for Historic Preservation; is a member of the scholarly advisory committee to the National Museum of African American History and Culture; and is chairman of the Save Ellis Island Foundation.

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