Historic Tax Credits News Briefs – October 2018
The Massachusetts International Festival of the Arts (MIFA) announced Aug. 15 that Gov. Charlie Baker signed the 2018 Economic Development Bond bill into law, which will provide the organization with $11 million for the renovation of the Victory Theatre in Holyoke. MIFA plans to restore and operate the 1,600-seat historic theater, built in 1920, which closed in 1979. The financing package includes state and federal historic tax credits (HTCs) and new markets tax credits. The state also previously awarded MIFA a $2 million bond-financing package. Renovations costs are expected to total $43 million, with a reopening target date of Dec. 20, 2020.
The rehabilitation of the Worcester County Courthouse in Massachusetts received a financial boost thanks to $800,000 in state HTCs awarded to Trinity Financial Boston at the end of July. Trinity Financial plans to convert the courthouse into 114 affordable and market-rate apartments. There will be studio, one-, two- and three-bedroom apartments, a fitness center, art gallery and programming space. The oldest portion of the building dates back to 1843. Redevelopment is expected to be complete in summer 2020.
The groundbreaking at 1626 Oretha Castle Haley Blvd. in New Orleans was Aug. 2, thanks to HTC equity provided by Twain Financial Partners. The $2.4 million renovation also included financing from New Orleans Redevelopment Authority and IberiaBank. Once work is completed, the 9,000-square-foot building will house office space for Gulf Coast Housing Partnership and Gideon Community Development Corporation.