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The Historic Tax Credit (HTC) is the federal tax credit program that incentivizes the rehabilitation of historic buildings. The HTC, which has rehabilitated more than 38,700 buildings and leveraged about $106 billion in private investment nationwide, is in danger of being eliminated in current budget-balancing discussions in Congress. [34]
Buildings, as defined by the National Register, are structures intended to shelter some sort of human activity. Examples include a house, barn, hotel, church or similar construction. The term building, as in outbuilding, can be used to refer to historically and functionally related units, such as a courthouse and a jail, or a barn and a house. [1]
Syndicating historic tax credits can be a significant advantage for developers, especially those who do not have sufficient tax liability to claim the tax credits themselves. The "selling" of tax credits is also a useful means to acquire cash up front, that can be poured into the project once the partnership is formed, rather than waiting until ...
The Historic American Engineering Record (HAER) program was founded on January 10, 1969, by NPS and the American Society of Civil Engineers. HAER documents historic sites, structures, mechanical, and engineering artifacts. The Maritime Administration works with HAER to "document historic vessels prior to their disposal." [16]
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
The Tennessee Historical Commission, which manages the state's participation in the National Register program, reports that 80 percent of the state's area has been surveyed for historic buildings. Surveys for archaeological sites have been less extensive; coverage is estimated less than 5 percent of the state.
An example of physical forces that will require building restoration is damage to the historic Mechanics Hall building in Worcester, Massachusetts. Strong winds during a storm on 13 April 2020 caused portions of the copper roofing to be pulled from the building, allowing further damage to the attic and internal water damage. [ 56 ]