FEATURED ARTICLE 
Elizabeth Property Group's First Foray into HTCs
For any developer that is not accustomed to the historic tax credit program, challenges with navigating the regulatory process can be a hurdle to overcome. Tisha Vaidya and Moira Concannon, co-founders and principals of Elizabeth Property Group, are currently undertaking their first project utilizing HTCs. Built in 1968, the Kensington Apartments (pictured) in Austin, Texas is being rehabilitated for continued use as affordable housing.

In this month’s Novogradac Journal of Tax Credits Tool Box article, Vaidya and Concannon highlight the lessons learned as they make their way through their first HTC project. 
PROJECT SPOTLIGHT 
Historic Apartments Ready for Residents
The NHP Foundation recently completed the rehabilitation of the Everett Court Apartments near the heart of Newark, New Jersey. Designed in 1908, Everett Court stands as one of the few remaining examples of early 20th century multi-family residential living in the city. The apartments were modernized as part of the recent rehabilitation project, serving as much needed affordable housing in Newark.

Heritage was proud to work alongside KMA Design Studio in the rehabilitation. Heritage listed the Everett Court Apartments in the National Register of Historic Places and secured federal tax credit approvals.  
HTC NEWS
State of the State Credits
State historic tax credits (HTCs) can be essential to the financial viability and success of rehabilitation projects, and most of Heritage’s current projects utilize both federal and state HTCs. Many states have recently improved and expanded their state historic tax credit programs. Earlier this year, Minnesota reinstated their 20% state historic tax credit until 2030 after the program’s sunset at the end of 2022 fiscal year. Arkansas has extended their program’s sunset date from June 30, 2025 until June 30, 2030. In addition, they have created a tiered system to incentivize investment in smaller communities. Similarly, Louisiana will now offer a 25% state historic tax credit statewide with 35% for select locations and population totals.

38 states currently offer some form of historic tax credit to support rehabilitation, and Heritage has secured state HTCs in nearly all of them. 
TEAM UPDATE
Welcoming Nika Faulkner
Heritage is proud to introduce our newest team member, Nika Faulkner. Nika recently joined as a full-time Project Coordinator after interning with Heritage while she completed her Master of Science in Historic Preservation from Thomas Jefferson University in Philadelphia. As a Project Coordinator, Nika conducts archival research, writes National Register Nominations, and assists in the preparation of historic tax credit applications. Prior to joining Heritage, Nika worked for the Philadelphia Historical Commission where she focused primarily on identifying, protecting, and documenting places important to Philadelphia’s minority history. We are thrilled that Nika has joined the team!
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