FEATURED ARTICLE  The "Scratching Sound" of Opportunity Zones

This month’s Novogradac Journal of Tax Credits Tool Box article examines the challenges of pairing incentives at the former American Graphophone Company complex in Bridgeport, CT. The historic sound recording device manufacturing complex was recently transformed into a mixed-use site, resulting in the introduction of much needed affordable housing and a charter school to the community.  Opportunity Zones (OZs) were introduced in 2017 in an effort to spur economic development and job creation in low-income communities. Currently, there are over 8,700 OZs that foster economic development in distressed areas. Throughout the country, OZs, including those located in small towns or larger cities, often feature historic buildings that present opportunities for developers to utilize HTCs alongside OZ incentives. For projects that incorporate affordable housing, complications can arise, as explained in the article.

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PROJECT SPOTLIGHT  Indian Motorcycle Factory Continues its Ride

The landmark Indian Motorcycle Company Complex (historically known as “Motocycle”) has been rehabilitated, providing 200-units of much needed affordable housing in Springfield, Massachusetts. The renowned company was instrumental in the early development of motorbikes, and by 1914 they were the largest producers of motorcycles in the world. By the late-20th century, the manufacturing facility was in disrepair, with half of the complex ultimately lost decades ago. Developer Gordon Pulsifer of First Resource Companies undertook a recent rehabilitation of the complex. Heritage and affiliate Chris Beard of Essex Preservation secured state and federal historic tax credit approvals for the Preservation Massachusetts award winning project.

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HTC NEWS Kentucky Offers Game-Changing HTC Expansion

The Kentucky State Historic Tax Credit has undergone a major expansion. The annual allocation for the program has increased from $5 million to $100 million, and the per project cap has increased from $400,000 to $10 million. Executive Director of the Kentucky Heritage Council, Craig Potts said in a recent press release, “Historic preservation is a huge driver of economic development, and with the annual appropriation increase, the state tax credit program is poised to become even more so.” This game-changing expansion will increase the number of historic buildings that are rehabilitated in the state.  Heritage is actively working on HTC projects in the Commonwealth of Kentucky and is looking forward to continuing to preserve the state’s history through the use of state and federal HTCs.

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TEAM UPDATE  Heritage on the Road

Earlier this month, Vice President, Midwest Regional Director Jen Davel (pictured) spoke at the spring regional conference of the League of Historic American Theatres in Atlanta, Georgia. Jen presented on how HTCs can be integral to the rehabilitation and continued use of America’s historic theaters, focusing on our ongoing Tivoli Theatre project in Chattanooga, TN.

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