Heritage Articles:
By John M. Tess, Heritage Consulting Group
Journal of Tax Credits - Published by Novogradac & Company LLP
Shopping centers, motels and skyscrapers — what do these buildings have in common? They are modern era resources that may be eligible for listing in the National Register of Historic Places and then eligible for the federal 20 percent investment tax credit for historic properties. As modern era resources are increasingly demolished in favor of new construction, the possible cultural significance of these resources is being considered more and more. > Read full article
By John Tess, Heritage Consulting Group
Journal of Tax Credits - Published by Novogradac & Company LLP
The 20 percent federal historic tax credit (HTC) is a critical tool for affordable housing development. This tax credit can be combined with low-income housing tax credits (LIHTCs) and, depending upon location, urban renewal funding and state historic incentives. This is particularly true for single room occupancy (SRO) housing, which is often located in former hotels in downtowns and Main Streets around the country. > READ FULL ARTICLE
By John Tess, Heritage Consulting Group
Journal of Tax Credits - Published by Novogradac & Company LLP
The federal government in May announced plans to dispose of 12,218 excess properties – and that number is considered just the tip of the iceberg. These buildings include the spectrum of federal properties, including offices and warehouses. At first blush, the idea of buying a surplus government building is an attractive one. > Read full article
By John Tess, Heritage Consulting Group
Journal of Tax Credits - Published by Novogradac & Company LLP
You’ve decided on new office space. You’ve picked the perfect building and signed a lease. You are ready to begin designing, right? If you have chosen a historic building, the answer is: maybe not – not if that building has interior design review, such as that required in federal historic tax credit (HTC) projects. Historic Preservation and Going Green Historic preservation and sustainability go hand in hand. There is a misconception that historic preservation tax credit (HTC) projects and LEED certified projects are mutually exclusive. On the contrary, green development and preservation can both be achieved when rehabilitating a historic building; thus, opening the door for developers and property owners to benefit from using federal, state and local historic incentives while meeting green building standards. > Read Full Article
By John Tess, Heritage Consulting Group
Journal of Tax Credits - Published by Novogradac & Company LLP
Financing any type of real estate deal over the last couple of years has been difficult, to say the least. The EB-5 program was created by Section 610 of Public Law 102-395 on October 6, 1992. This was in accordance with a congressional mandate aimed at stimulating economic activity and job growth while allowing eligible aliens the opportunity to become lawful permanent residents. Repurposing Historic Buildings for Hotel Use: Balancing Modern Hotel Requirements with Historic Standards The hospitality industry thrives on three basic tenets: location, service and cost, and it has developed a full range of products to capture a diverse range of customers in which emphasis on these three factors fluctuates greatly. From budget to five-star, the hospitality industry tailors its product to capture the market. Within the country’s urban centers, the hospitality industry has embraced the repurposing of historic buildings as an attractive product for guests. > Read Full Article
