Opportunity Zones (OZs) were introduced in 2017 in an effort to spur economic development and job creation in low-income communities. In each OZ, no matter if they are in a city or small town, historic buildings present opportunities for developers to find investors looking to move their capital gains into a qualified Opportunity Zone Fund.
Window replacement is seen as one of the more important and challenging components of the review process in historic tax credit projects. As one of the most visually identifiable features of any building, windows play a integral role in the building’s overall design and functionality.
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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.
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