Historic Rehabilitation Tax Credit


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Historic Rehabilitation Tax Credit

A direct, dollar-for-dollar reduction in one's tax liability by a portion of the amount one spends renovating, restoring or rebuilding a historic building. The credit is intended to incentivize historic preservation and therefore does not apply to expansions or new constructions on historic buildings. The tax credit is equal to 20% of expenditures on certified historic buildings and 10% of expenditures on any structure built before 1936.
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structure of their historic rehabilitation tax credit program.
While this may come as no surprise to those of us in the industry, what has raised a few eyebrows is the cutting edge appearance of the State Historic Rehabilitation Tax Credit that can be combined with the federal tax credit on the same project.
The historic rehabilitation tax credit is not available for homes or apartments occupied by owners.
Financing for the project is coming from federal Low Income Housing Tax Credits from the Connecticut Housing Finance Authority (CFHA); historic rehabilitation tax credits from the National Park Service and Connecticut State Historic Preservation Office (SHPO); soft debt from the Connecticut Department of Housing (DOH) Flex Program; construction financing from Bank of America and Citizens Bank; Affordable Housing Program funds from the Federal Home Loan Bank of Boston; energy rebates from United Illuminating; and low-interest permanent loan from BlueHub Capital (formerly Boston Community Capital).
"The Holley Gardens project is another great example of how historic rehabilitation tax credits are bringing new life to underutilized buildings in Upstate New York," Rose Harvey, commissioner of parks, recreation and historic preservation, said in a news release.
In substance, the court concluded, the transaction with the tax equity investor had been a sale of historic rehabilitation tax credits. (238) The court held that "after looking at the substance" of the transaction, because the tax equity investor "lacked a meaningful stake in the success or failure of HBH, it was not a bona fide partner." (239)
Thus, it would not apply to facts similar to those in another recent partnership case denying historic rehabilitation tax credits, Virginia Historic Tax Credit Fund 2001, LP, 639 F.3d 129 (4th Cir.
After beginning renovation, the NJSEA learned of the market for historic rehabilitation tax credits (HRTCs) among corporate investors and of the additional revenue that market could bring to the state through a syndicated partnership with one or more investors.
7 Public-Private Partnerships are Working:Efforts and incentives including but not limited to historic rehabilitation tax credits, Neighborhood Enterprise Zone tax abatements, various Detroit Downtown Development Authority programs, and the Detroit Renaissance Lower Woodward Housing Fund) are together attracting investors to greater downtown Detroit.
Is the property eligible for historic rehabilitation tax credits or other tax credits?
In order to find out whether state historic rehabilitation tax credits are offered in your area, visit (www.nthp.
He is a board certified tax specialist under the standards of the Louisiana State Bar Association specialization board, and is nationally recognized for his expertise with respect to federal tax incentives, including historic rehabilitation tax credits, conservation contributions (facade easements), low income housing tax credits, New Market Tax Credits and real estate syndications and tax representation of historic property development on a nationwide basis.
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