Looking Ahead: State HTCs in 2024

Among the most commonly used and perhaps the most important tool in the historic tax credit (HTC) toolbox is the ability to twin the 20% federal credit with the various state HTCs. In most states, this additional incentive can provide on average 20%-25% of state HTCs that can be used in tandem with the federal credit.

Presently, thirty-eight states have enacted their own state HTC that can be used to incentivize the rehabilitation of historic buildings. This month’s Novogradac Journal of Tax Credits Tool Box article examines recent updates to state HTC programs and the impact state HTCs have had on the industry as a whole. Since the article’s publication, a bill has been introduced in the Florida state legislature that proposes a 20% credit. If the bill is signed into law, the program would open the door for more HTC projects in the Sunshine State.

Pictured is the historic Continental Hotel, a Heritage project in Miami Beach, which received federal HTCs as part of the rehabilitation of the mid-century hotel.

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PROJECT SPOTLIGHT

Continuing Legacy of 19th Century Milwaukee Senior Housing

The historic Milwaukee Protestant Home for the Aged opened in 1892 as elderly housing, originally serving women in the community. Over the twentieth century, the building was expanded to provide additional living units, as well as necessary amenities for seniors such as infirmaries, occupational therapy spaces, community rooms, and dining halls. Now known as Eastcastle Place, the historic site continues to provide housing for Milwaukee’s senior population, making it one of the city’s oldest and longest-operating senior housing facilities. The historic complex has recently been updated, and, with the rehabilitation, the Milwaukee landmark and its distinctive Chateauesque exterior will be a mainstay in the community for another century.

Heritage listed the building in the National Register of Historic Places and secured approvals for state historic tax credits for the rehabilitation.

Additional Projects

HTC NEWS

Affordable Housing Rehab in West Philadelphia

The Parkside Historic District in West Philadelphia consists of late 19th century residences constructed by German immigrants. Mission First Housing Group recently renovated sixteen of these buildings with eighty-two affordable housing units while retaining the Victorian-era exteriors. As part of the project, the curved copper bay windows were preserved, and the prominent front porches were restored.

The Parkside rehabilitation was made possible through funding from historic tax credits (HTCs) and Low-Income Housing Tax Credits (LIHTC). Pairing these federal credits can be complicated due to the separate reviewing agencies, mismatched timelines, and differing design requirements, but utilizing both credits often makes the difference in affordable housing projects. Heritage is experienced in securing HTC approvals while taking into consideration the LITHC requirements and timelines.

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Uncovering New York City Public Housing History

Heritage has been working closely with the New York City Housing Authority (NYCHA) and their partners to tell the important story of New York City’s public housing. Created in 1935, NYCHA is the largest public housing authority in the country and was established to offer affordable housing for low- and moderate-income New Yorkers. Heritage is proud to be a part of the project teams rehabilitating thousands of public housing units in New York City, made possible by historic tax credits. Our staff can be seen researching in the NYCHA archives, rifling through historic documents to prepare nominations to the National Register of Historic Places. You may also find us traversing sites across the boroughs, documenting existing conditions and original materials to describe proposed rehabilitation projects.

Pictured are boxes of NYCHA archival material and NYCHA sites in Brooklyn and Harlem.

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