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The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit...
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![Page 1: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/1.jpg)
“The Historic Buildings Piece of the Affordable Housing Puzzle”National Historic Tax Credit Conference, Chicago
SEPTEMBER 2008
Eaton Place, Wichita, KS
![Page 2: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/2.jpg)
Community Restoration and Revitalization Act H.R. 1043, S. 584
- Work in tandem with LIHTC
- Eliminate basis reduction
- Help smaller projects
- Enhance 10% credit
- Enhance non-profit use
- Target disinvested areas
![Page 3: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/3.jpg)
Housing Economic Recovery Act of 2008
- AMT Exemption
- New QAP requirements
- Non-profit lease improvements
Smith Lofts, Providence, RICourtesy of Keen Development Corporation
![Page 4: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/4.jpg)
Changes to state Qualified Allocation Plans
• Must consider energy efficiency and the historic character of the project
• Permits discretionary ‘boost’ of up to 30% the LIHTC available to a project.
Midtown Exchange, Minneapolis, MN
![Page 5: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/5.jpg)
Current Treatment Of Historic Preservation in State QAPs
•Approximately 21 states currently award points based on preservation criteria
•The average weight is about 5%
•Point determination varies from state to state
Mercy Housing, Savannah, GA
![Page 6: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/6.jpg)
Best Practices and Model Language
• Points for projects with historic character.
• Clearly define ‘historic character’ and include adherence to rehab standards
• Require documentation verifying historic character
• Include language to permit historic projects to get the discretionary 30 % basis boost
Indiana Cotton Mill, Cannelton, IN
![Page 7: The Historic Buildings Piece of the Affordable Housing Puzzle National Historic Tax Credit Conference, Chicago SEPTEMBER 2008 Eaton Place, Wichita, KS.](https://reader036.fdocuments.in/reader036/viewer/2022070305/551481e0550346b2598b4b05/html5/thumbnails/7.jpg)
General Information and Next Steps
• State HFA’s not in compliance with the new requirements must revise their 2009 QAP’s
• Advocacy Opportunity
-Provide comments
-Develop state strategyYale Building, Chicago, IL