FEATURED ARTICLE  Scattered Site Opportunities

Former single-family residences and small apartment buildings can be challenging to rehabilitate through the historic tax credit (HTC) program, which tends to lend itself to the rehabilitation of larger buildings that can maximize economic returns. This month’s Novogradac Journal of Tax Credits Tool Box article discusses the rehabilitation of a scattered site portfolio in Newark, New Jersey comprised of former single-family houses and small apartment buildings. Grouping buildings such as former single-family houses into a larger portfolio, known as a "scattered site," provides opportunity to utilize HTCs which can otherwise be challenging to use on individual, smaller-size buildings. Successful HTC projects centered on scattered site buildings can come with numerous challenges beyond the economics. With unique designs, individual character-defining features, and distinct project timelines, developers must account for a variety of factors in planning this type of rehabilitation project.

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PROJECT SPOTLIGHT  Insuring the Future of a Philadelphia Neighborhood Icon

The former Provident Mutual Insurance Company building (pictured) was constructed in West Philadelphia in 1927 as the company’s headquarters. In 1983, the company relocated, and for decades the building sat underutilized. A prior attempt to redevelop the site fell through. In 2019, Philadelphia-based developer Iron Stone Real Estate Partners saw the building’s potential and commenced the rehabilitation of the building into a public health and education services hub. Tenants include the Children's Hospital of Philadelphia, KIPP Philadelphia Octavius Catto Elementary School, and the Public Health Management Corporation, among others. This ambitious rehabilitation will enable the building to continue to remain a beacon in the local community. Heritage listed the building in the National Register of Historic Places and secured approvals for historic tax credits, helping to preserve this icon.

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HTC NEWS How Incentives Can Save America's Most Endangered Historic Places

The National Trust for Historic Preservation has released their 2023 list of America’s Most Endangered Historic Places. Each year, the National Trust highlights important historic sites throughout the country that are facing demolition. One of this year’s endangered places is Philadelphia’s Chinatown neighborhood (pictured), one of the oldest active Chinatowns in the United States. This neighborhood is a great candidate for listing in the National Register of Historic Places, which would open the door for various preservation incentives, such as grants, façade easements, and historic tax credits. This annual list raises awareness of at-risk sites and is a reminder that historic preservation tools can be essential to saving these endangered places and their histories.

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GIVING BACK Heritage Gives Back: Honoring Preservation Month

Each year, May is Preservation Month. During May, local preservation groups, state historical societies, and civic organizations across the country host events to promote historic places. To recognize the social and economic benefits of historic preservation and to mark Preservation Month, Heritage is announcing our newest Giving Back project. Driven by our passion for preservation, Heritage and our affiliate Essex Preservation are currently working to list the Amesbury Public Library in Amesbury, Massachusetts (pictured) in the National Register of Historic Places.

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