Historic Preservation

ICAST’s IRA & BIL Instant Benefit Estimate Calculator is now available on NH&RA’s website under the Resources section.

Last week House Democrats released a $760 billion infrastructure framework, which calls for strengthening existing infrastructure financing tools, like LIHTC, the New Markets Tax Credit (NMTC) and the Historic Tax Credit (HTC). Specifically, the Moving America and the Environment Framework calls for expanding the three tax credits, as well as expanding the national volume cap for private activity bonds (PAB). The framework also includes $86 billion over five years to pay for the deployment of high-speed broadband in unserved and underserved communities, low-interest financing for broadband deployment and digital equity activities.

Regions Bank announced that Eric Speichinger joined Regions Affordable Housing’s Originations Group as vice president and relationship manager. Speichinger will work out of Regions’ Chicago office and will focus on sourcing and originating affordable housing transactions throughout the Midwest.

RBC Capital Markets Tax Credit Equity Group recently announced the closing of RBC Tax Credit Equity California Fund–5 with total tax credit equity of $65,676,225. The Fund consists of federal LIHTC equity and federal Historic Tax Credit equity. The Fund is comprised of investments in six LIHTC eligible multi-family apartment communities located throughout California, representing 707 affordable homes.

Senators Bill Cassidy (R-LA), Ben Cardin (D-MD), Susan Collins (R-ME) and Maria Cantwell (D-WA) introduced the Historic Tax Credit (HTC) Growth & Opportunity Act (S. 2615). The bill would eliminate the HTC basis adjustment requirement, increase the HTC from 20 percent to 30 percent for properties with rehabilitation expenses of less than $3.75 million (capped at $750,000), make it easier to meet the substantial rehabilitation test and create greater flexibility for nonprofits to partner with developers.

The California Legislature passed S.B. 451, which would create a State Historic Tax Credit (HTC) for 20 or 25 percent of qualified rehabilitation expenses (QREs) that meet specific criteria and would be in effect from 2021 through 2026. The credit would have a statewide cap of $50 million per calendar year, with $2 million set […]

Last week Representative Earl Blumenauer (D-OR), along with Reps. Darrin LaHood (R-IL), Terri Sewell (D-AL), Mike Kelly (R-PA), Michael Turner (R-OH) and Brian Higgins (D-NY), introduced the Historic Tax Credit Growth and Opportunity (HTC-GO) Act, H.R. 2825. 

The National Trust Community Investment Corporation (NTCIC) announced the successful financial closing for the rehabilitation of the vacant Philip Morris Blended Leaf Complex in downtown Richmond, VA into a new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS).

The Advisory Council on Historic Preservation (ACHP)will hold its quarterly business meeting on April 4 at 8:30 am EDT in the Russell Senate Office, room 325.

The National Park Service (NPS) recently released it Federal Tax Incentives for Rehabilitating Historic Buildings annual report. In FY 2018, the Historic Tax Credit (HTC) helped rehabilitate 6,994 housing units, create 12,527 new housing units and create 6,152 low- and moderate-income housing units. NPS issued 1,013 certifications of completed work and has over 3,000 projects […]

While many tax credit fund managers are looking to expand into opportunity zone funds, there may be important differences in how they are treated for regulatory purposes. In this article, Daniel McAvoy, Forrest David Milder, John H. Cornell, III and David F. Schon with Nixon Peabody discuss certain additional considerations that O-zone fund managers may […]

The National Association for Opportunity Zone Investment (OZI) submitted its comment letter to Treasury’s proposed rule on Investing in Qualified Opportunity Funds. OZI’s comments seek to establish an informal safe harbor for plain vanilla, prudent and “down the middle of the fairway” transactions.

The U.S. Department of the Treasury released its 2018-2019 Priority Guidance Plan.  Part one covers implementation of the Tax Cuts and Jobs Act of 2017. Notably, the first item in this section is issuing regulations for LIHTC income averaging. The plan also includes issuing regulations for utility allowances under the LIHTC, clarification and revision of […]