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Historic Tax Credits News Briefs - October 2016

The Advisory Council on Historic Preservation (ACHP) announced Aug. 5 that President Barack Obama declared his intent to appoint Luis Hoyos to an expert member seat on the ACHP. Hoyos is an architect and professor of architecture at the California State Polytechnic University. He serves on the board of the National Trust for Historic Preservation and is a member of the Landmarks Committee of the National Park System advisory board. Hoyos was previously a member and chairman of the California State Historical Resources Commission and a member of the board of directors and chairman of preservation advocacy at the Los Angeles Conservancy. The ACHP includes 23 members who address policy issues, direct program initiatives and make recommendations regarding historic preservation to President Obama, Congress and heads of other federal agencies.

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The Ohio Development Services Agency awarded $2 million in state historic tax credits (HTCs) June 28 to the Woda Group Inc. for the adaptive reuse of a 1916 former high school and middle school. Everts Hill, in Circleville, Ohio, will be redeveloped into a 49-apartment affordable housing community for seniors. The cafeteria will be transformed into a fully operational restaurant/kitchen. Additional financing comes from the Ohio Housing Finance Agency (OHFA), which allocated $1.5 million through its Housing Development Loan program and provided a commitment for an equity bridge loan. Everts Hill also qualified for approximately $2.5 million of federal HTCs. Ohio Capital Corporation for Housing provided approximately $9.2 million of equity toward the transaction. The Huntington National Bank provided construction financing and the permanent first mortgage of $975,000.

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Scalish Construction announced Aug. 9 that it received $82,402 in Ohio Historic Preservation tax credits to rehabilitate The Veronika in Lakewood, Ohio. These credits were part of a $27.8 million award to 26 applicants. The historic 5,000-square-foot 1915 building will provide six apartments upstairs with commercial retail space downstairs. Renovations include removing ceiling layers to reveal portions of the original tin ceiling. The apartments will have updated LED lighting, quartz counter tops, clean white walls and vintage tile accents. The first phase is nearing completion, with total project completion scheduled for the end of this year.

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On Aug. 26, the Heritage Consulting Group congratulated MMPartners LLC for their rehabilitation work in Philadelphia. MMPartners LLC invested $10.7 million for the preservation of three mixed-used buildings that were once home to an auto parts factory, a security elevator company building and the A. F. Bernot Brothers Dye Works building. Heritage aided MMPartners on the state and federal historic tax credit (HTC) process for the rehabilitation.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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