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.