To meet the demand for affordable housing across the country, communities, private developers, and public housing authorities use financial incentives such as low-income housing tax credits (LIHTCs). In particular, developers are successfully twinning historic tax credits with LIHTCs in rural areas.
Ten years ago, Congress established the Rental Assistance Demonstration (RAD) program, which has become an invaluable tool in the affordable housing industry. Among the available additional funding sources are historic tax credits, and numerous examples of RAD conversions using HTCs have been completed.
Legislative lobby efforts for historic tax credits reached new heights in 2022, but progress still needs to be made once the 118th Congress convenes in January.
With the passing of the Inflation Reduction Act, there is increased focus nationwide on renewable energy initiatives. At times, these efforts overlap with another effort in our battle against climate change — historic preservation.
Like many other mill and factory complexes, the Horlick site consists of multiple buildings, and each was integral to the manufacturing process. Therefore, the project falls under the National Park Service’s functionally related guidance, and stakeholders must navigate various construction, financing, and investment schedules.
Thirty-seven states currently feature a state HTC program. State HTC programs serve as an excellent complement to the federal program and provide developers with the added financial benefit often necessary to rehabilitate historic buildings.
The historic tax credit (HTC) incentive has significantly evolved over the past four decades. During that time, the HTC has grown to become one of the most effective tools for historic preservation and economic revitalization.
Over the course of a nearly 40-year career in the industry, Gordon Pulsifer, president and CEO of First Resource Companies, has completed more than 100 historic tax credit (HTC) developments, and won numerous awards in both preservation and low-income housing communities.
One of the key elements in successfully rehabilitating a property and receiving federal historic tax credits (HTCs) is obtaining Part 2 and Part 3 approval from National Park Services (NPS) or state historic preservation offices (SHPO). Read some tips on how to avoid delays here.
For many residents of Baltimore’s Broadway East neighborhood, the decaying buildings of the former Eastern High Pumping Station have been a daily reminder of disinvestment within their working-class neighborhood.