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Historic Tax Credits News Briefs - September 2011

Rep. Michael Turner, R-Ohio, introduced a bill to encourage homeowners to preserve homes of historical significance. H.R. 2555, the Historic Homeownership Revitalization Act, would create a 20 percent tax credit – as much as $60,000 – for homeowners who rehabilitate certified historic structures in a manner consistent with the home's historic character and neighborhood. Homeowners would have two years to make qualified rehabilitation expenditures that exceed the greater of $5,000 or the taxpayer's basis in the property, and would be required to use the house as a principal residence. The credit would also be available for developers who rehabilitate homes for sale to individuals as their principal residence. The legislation's supporters say the credit would make it more affordable for homeowners to care for their homes while helping to maintain the historic integrity of the properties and the vitality of historic neighborhoods. A copy of H.R. 2555 is available at www.historictaxcredits.com.

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The Ohio Department of Development (ODOD) awarded more than $23.8 million in Ohio Historic Preservation Tax Credits (OHPTCs) to 13 owners to rehabilitate historic buildings in 10 communities. Five projects were selected in round five, and eight projects received awards under round six, which was made possible by the program's renewal in June. The 13 projects selected to receive OHPTC allocations are 172 South Main Street, in Akron; the Brumberg Building and Ro-Na Theater, both in Ironton; the Middough Building, University Towers Apartments, and Joseph & Feiss Clothcraft Warehouse, all in Cleveland; Meiner Flats, in Cincinnati; Old Home Bank Building, in Newark; the Atlas Building, in Columbus; Centre City Building, in Dayton; Market Block Building, in Warren; Stuyvesant Hall, in Delaware; and the Wells Building, in Youngstown. The projects are expected to leverage more than $140 million in private investments and assist in the creation of 1,600 jobs.

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The Chesler Group and the Raymond John Wean Foundation broke ground on the Market Block Building renovation in downtown Warren, Ohio. The Chesler Group will use federal historic tax credits (HTCs) to restore the post-Civil War era storefront and convert the building's interior to modern offices. Upon completion, the building will house the Wean Foundation's headquarters, a 120-seat community meeting room, and incubator space for emerging not-for-profit organizations. Restoration is expected to be completed by next summer.

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Rhode Island Gov. Lincoln Chafee and Sens. Jack Reed and Sheldon Whitehouse celebrated the groundbreaking of affordable units at Rockville Mill, a former rope factory in Hopkinton, R.I. The vacant property's rehabilitation will convert the space into 14 affordable rental homes and, Rhode Island Housing said, help stabilize the neighborhood. The homes will meet green building standards and feature energy-efficient appliances. Financing sources include $1.1 million in federal and state HTC equity provided by Bonneville Multi-Family Mortgage Co., $720,000 from Building Homes Rhode Island, nearly $700,000 in HOME funds, a $323,000 Community Development Block Grant and a deferred developer fee.

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The Advisory Council on Historic Preservation (ACHP) released guidance on consulting with Native Hawaiian organizations (NHOs) when a federal undertaking may affect historic properties of religious and cultural significance. Section 106 of the National Historic Preservation Act and ACHP regulations mandate that federal agencies undertake NHO consultation, which the ACHP says often presents challenges for both agencies and NHOs. The publication, "Consultation with Native Hawaiian Organizations in the Section 106 Process: A Handbook," was created by ACHP's Office of Native American Affairs and provides step by step explanations of the consultation requirements under Section 106. ACHP said the handbook is an essential resource for federal agency personnel and Hawaii's state historic preservation office, as well as NHOs working in historic preservation. Download a copy of the publication at www.achp.gov.

Journal Category:

Historic Tax Credits

Authors:

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