Inside the issue
On Tuesday, July 25, Cedar Street Companies was honored by the Landmarks Illinois Real Estate and Building Industries Council (RBIC) for the outstanding rehabilitation of The Bush Temple of Music. The annual RBIC Award, given each year since 1993, recognizes companies and individuals that "demonstrate a special dedication to historic preservation through responsible development and planning." As part of the The Bush Temple team, we are proud of the outstanding preservation work that is represented in this exeptional project.
In their rehabilitation of The Bush Temple for use as 101 luxury apartments, Cedar Street Properties went to great lengths to maintain the historic character of the building - from marble walls and terrazzo floors to original single-paneled doors with fritted glass and restored panel windows.
The Bush Temple of Music joins Cedear Street's family of FLATS branded apartment buildings, a group of historic Chicago buildings that are offering amenity-rich living experiences in the city. MHA is proud to serve as historic consultants for The Lawrence House and The Otis in addition to The Bush Temple.
Consider them the "10 Commandments of Rehabilitation." The Secretary of Interior’s Standards for Rehabilitation are the litmus by which all historic tax credit projects are tested before they are approved. If you have used an HTC program, you are probably well aware of their allowances and limitations for sensitively rehabilitating an historic building.
Note: The avoidance of words like preservation, restoration and reconstruction in describing them is intentional. Those each have their own set of standards. Rehabilitation is the only treatment that allows for alterations and the construction of a new addition.
Just this week, the National Park Service released revised Guidelines. While the Standards themselves remain the same, guidance on specific treatments have been updated to include 20th-century building types, materials, and systems that are now 50 years old. Advances in technology have also been taken into consideration for the Guidelines as well. In particular, the new version includes additional entries on glass, paint and other coatings, composite materials, imitative materials, and curtain walls. Rehabilitation Guidelines are also broadened for related new construction on a building site.
Another change to the Standards includes the removal of the Energy Efficiency section (see the Illustrated Guidelines below) and the inclusion of Guidance on Resilience to Natural Hazards.
Here are a few more helpful links to guidance from the Technical Preservation Services division of the Nation Park Service:
For guidance on how to apply the Standards to a specific project, contact our expert team.
The Pizitz Building | Birmingham, AL
It's been a wild year for tax reform. It seems the concept has never been more popular. While we await what will unfold on the national stage, states have been wrapping up their 2017 sessions and debating the merits of their own tax credit programs.
In the June 2017 issue of the Novogradac Journal of Tax Credits, partner Bill MacRostie gives an update on some of the economic studies, the comebacks, and the changes that are shaping the state historic tax credit landscape.
Read the full story here |
Plenty of Activity Surrounding State HTC Programs