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HISTORIC TAX CREDITS ON THE MOVE
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Developers dig shovels into the past to combat the threat of the development dearth brought on by the economic recession. Developer and its JV partner, Developer, and Developer receive federal and/or state historic rehabilitation tax credits (HTC) to breathe life into rundown historical landmarks in New York and Minnesota, while Non-Profit Organization obtains credits from Missouri’s newly approved HTC program. But while developers look to HTC to offset construction costs, the economic return of tax credits comes under scrutiny as state governments reexamine their budgets, which will likely tabulate into less credit allocation dollars. Historic rehab developments funded pre-recession amassed $655M worth of federal HTC for 830 projects completed in 2008 and $1.93B for 806 projects completed in 2009. Don’t be surprised to see 2010/2011 volumes follow suit, as the recession not only affects the number of projects but also the provision of credits. Today, every dollar of HTC yields $5 to $8 in total economic return, on average.
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credit allocation dollars, Developers, economic recession, federal and/or state historic rehabilitation tax credits, historic rehab developments, historical landmarks, HTC, HTC program, HTC yields, JV partner, Non-Profit Organization, offset construction costs, state governments, tax credits |
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 Call 1-800-421-3483 |
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The Apartment Report
gives you advance information on the big developers. Our 20 years of experience gives our editorial staff the ability to deliver the inside information on cap rates and the where, why and how companies are most active in the industry.
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