A Tour of The Federal Historic Tax Cred

Preserving Communities:A Tour ofThe Federal Historic Tax Credit Program : 

Preserving Communities:A Tour ofThe Federal Historic Tax Credit Program National Park Service U.S. Department of the Interior Janet Snyder Matthews, Ph.D.Associate Director,Cultural Resources

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Residence in Gainesville, FL $70 Million in Federal Rehabilitation Tax Credit Projects in Florida 2003

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Individually listed on the National Register Built in 1925 as an apartment building Rehabilitated in 2002 by Gasper Properties $1.5 million rehabilitation 26,000 sq.ft. 28 apartment units Palace of Florence, Tampa, FL Special Places are Being Saved in Florida

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Built in 1926 Contributing to the Downtown Jacksonville Historic District $20 million rehabilitation in 2003 153,000 sq.ft. 127 units of multi-family housing VCP Lynch Building, Ltd., received syndication funding from National Trust and Banc of America Received funding from City of Jacksonville Lynch Building, Jacksonville, FL Complex Projects Take Many Funding Sources

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$2.73 Billion InvestmentSaves Buildings and Creates Jobs Northeast42% of projects$1.26 billion Southeast30% of projects$408 million 15,374 housing units created or rehabilitated 62,230 jobs created 1,270 projects Mountain/Plains25% of projects$793 million Far West3% of projects$268 million 2003 Federal Tax Credits Nationwide

Historic Rehabilitation Tax Credits : 

Historic Rehabilitation Tax Credits National Historic Preservation Act of 1966 established: National Register of Historic Places Advisory Council on Historic Preservation State Historic Preservation Officers and the need for cultural resource preservation nationwide The Tax Reform Act of 1976 first created Tax Incentives Controlling Regulations: Department of Interior Regulations 36 CFR Part 67 Department of Treasury Regulations 26 CFR Parts 1 and 602 Historic Preservation Tax Credits are found in Section 47 of the IRS Code Controlling Legislation

Historic Rehabilitation Tax CreditsReview Process : 

Historic Rehabilitation Tax CreditsReview Process Owners identify historic property and work with their consultants to prepare applications Applications go to SHPO office SHPO forwards application with comments to NPS NPS makes determination and informs owner 30-45 days to review 95% or greater of projects receive certification Appeal process for denied projects Owners submit certification to IRS at tax time

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Union Station, Washington, DC Gateway to Washington with over 25 million visitors a year Rehabilitated in the 1980s Early tax credit project $34 million rehabilitation LaSalle Partners, Chicago, IL Building threatened with demolition, converted to a successful multi-use transportation hub, retail and entertainment complex Early Projects Stimulate Other Development

Washington, D.C., like many cities, is experiencing a downtown revitalization. : 

Washington, D.C., like many cities, is experiencing a downtown revitalization. In just the three blocks, between 7th and 10th Streets downtown, over $200 million has been spent on rehabilitation projects including:

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General Post Office Building/Tariff Commission Building Washington, DC, 7th and F Street, NW Built between 1839 and 1859 National Historic Landmark 2002 rehabilitation to the Monaco Hotel, Kimpton Hotel Group, San Francisco $40 million project Partnership with GSA

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General Post Office Building/Tariff Commission Building Washington, DC Interiors were sensitively treated during conversion fromoffice to hotel use

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Riggs National Bank Washington, DC, 9th and F Street, NW Built in the late 1890s Converted in 2000 to the Courtyard Marriott Hotel and restaurant space Includes Gordon Biersch microbrewery Approximately $ 14.5 million rehabilitation

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Woodward & Lothrop Department Store Washington, DC, 10th and F Streets, NW Constructed between 1902-1926 Under rehabilitation as rental office and retail space Approximately $40 million project Douglas Jamal Developer, Washington, D.C.

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Old Masonic Hall Washington, DC, 9th and F Streets, NW Built in 1869, as a Masonic Hall Vacant for many years Rehabilitated in 2001 in conjunction with a new structure for the Gallup Organization Developed by Karchem Properties, Washington, DC $ 31.2 million project

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$17 million rehabilitation Completed in 2002 98,000 sq.ft. Converted to office space by Ryan GB 2000, Inc. All across America Historic Tax Credit Projects are bringing defunct buildings back to life Minneapolis Brewing Company Minneapolis, MN

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Rehabilitated Interiors Retained Industrial Character $17 million rehabilitation Completed in 2002 98,000 sq.ft. Converted to office space by Ryan GB 2000, Inc. Minneapolis Brewing Company Minneapolis, MN

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Atlantic City Convention Center, Atlantic City, NJ Built in 1929 Site of the Miss America Pageant 172,000 sq.ft. complex Rehabilitated by the New Jersey Sports and Exposition Authority as a special events and sports center $99 million project Winner of 2002 National Trust for Historic Preservation Award Even Unusual Building Types are Being Saved

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Built in 1929 Site of the Miss America Pageant 172,000 sq.ft. complex Rehabilitated by the New Jersey Sports and Exposition Authority as a special events and sports center $99 million project Winner of 2002 National Trust for Historic Preservation Award Atlantic City Convention Center, Atlantic City, NJ

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Built in 1929 Site of the Miss America Pageant 172,000 sq.ft. complex Rehabilitated by the New Jersey Sports and Exposition Authority as a special events and sports center $99 million project Winner of 2002 National Trust for Historic Preservation Award Atlantic City Convention Center, Atlantic City, NJ

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Delmar-Lema Shotgun houses, Memphis, TN Threatened with demolition and replacement with townhouses Saved as important sense of place for the community Rehabilitated for $45,000 each for single-family homes by Capital Development, Memphis, TN Smaller projects also make use of Historic Tax Credits.2/3 of the tax credit projects involve less than $1 million of construction.

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Hedge - Carpenter –Thompson Historic District, Salem, New Jersey Built between 1800-1930 Approximately 75 historic houses for tradesmen and 29 units of new infill construction adapted for affordable housing Developed by Pennrose Properties, Inc., Philadelphia, PA $11 million project, average $75,000 per house Project underway Entire Historic Districts are Benefiting

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Anna Bolling Junior High School Petersburg, VA 1926 building 47 units of affordable housing $2.3 million rehabilitation completed January 2002 63,000 sq. ft. Bolling Park, Ltd., Richmond, VA National Trust School Initiative Programwww.nationaltrust.org Numerous schools have receivedtax credits for conversion to housing

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Olympia Apartments, Washington, DC Built in 1898 $15 million rehabilitation currently underway 80 units of affordable housing United Housing, LLC, Richmond, VA Many Vacant Apartment Buildings Are Currently Under Rehabilitation: 40% of Tax Credit Projects Involve Rental Housing

NPS is reviewing reports submitted by the Historic Preservation Development Council andNational Conference of State Historic Preservation Officers (NCSHPO)We hear when our partners speak and are looking into the issues : 

NPS is reviewing reports submitted by the Historic Preservation Development Council andNational Conference of State Historic Preservation Officers (NCSHPO)We hear when our partners speak and are looking into the issues

The issues naturally group themselves into recommendations for: : 

The issues naturally group themselves into recommendations for: Streamlining the Program Flexibility in review More educational materials, training and conferences NPS will work with all its partners to address these issues

Interesting StatisticsSince Recentralization of Program to Washington, D.C. 1996: : 

Interesting StatisticsSince Recentralization of Program to Washington, D.C. 1996: The size of projects has grown exponentially since 1996 Fy 1996: 724 projects valued at $1.13 billion Fy 2003: 1270 projects valued at $2.73 billion Fy 2003: 51 projects denied; 89% were either completed or substantially completed prior to review by the NPS Fy 2003: 97.3% of projects ultimately approved

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NPS Supports the National Trust and Development Council’s Initiative to Streamline and Deepen the Value of Credits when combining Low-Income and Historic Rehabilitation Tax Credits 1998 NPS Publication Available for order at:hps-info@nps.gov

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www2.cr.nps.gov Next Conference Scheduled for Boston, Fall 2004 Technical Preservation Services Branch has a long history of preparing technical bulletins and conferences to assist in the rehabilitation of historic properties

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New Web Offering Coming in March An Expanded Guide to the Tax Incentives Program

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Contact Information: National Park Service Tax Credit Program 202-354-2034 www2.cr.nps.gov National Conference of State Historic Preservation Officers 202-624-5465 www.ncshpo.org National Park Service U.S. Department of the Interior