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Combining state and/or federal historic tax credits with the federal New Markets Tax Credit is also a possibility if the project is located in a low-income census tract. 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 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]
The Mills Act is recognized by the state of California as the "single most important economic development incentive program in California for the restoration and preservation of qualified historic buildings by private property owners. [2] The Mills Act has been credited with saving thousands of historic buildings from destruction in California. [3]
The Historic Rehabilitation Tax Credit workshop will take place on Wednesday, May 15 from 6 - 8 p.m. at the Christ & Grace Episcopal Church, located on 1545 South Sycamore Street.
The National Register of Historic Places defines a historic district per U.S. federal law, last revised in 2004. [2] According to the Register definition, a historic district is: "a geographically definable area, urban or rural, possessing a significant concentration, linkage, or continuity of sites, buildings, structures, or objects united by ...
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The State Historical Building Code allows the local building inspector to approve alternative building codes [1] The property owner may engage in a contract with the local assessor for a property tax reduction through the Mills Act. Owners have the option to install their own plaque or marker at the resource site [1]
Restoration of Historic Buildings. Restoration of historic buildings varies from country to country, just as with cultural heritage sites and other building restoration projects. Before any work is done on a historic building, conservator-restorers should consult local requirements. Best practices listed above still apply.