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Credit Worthy News

Urgent Message to Historic Tax Credit Advocates

Posted by Bill MacRostie on Tuesday, December 13, 2016

The Historic Tax Credit Coalition (HTCC) and MacRostie Historic Advisors are asking that historic tax credit advocates take action TODAY to contact key representatives and voice their support for the federal historic tax credit program. As outlined in the letter below from John Leith-Tetrault, Public Policy Advisor for the National Trust Community Investment Corporation (NTCIC), the time is now to act as House Republicans begin meetings on December 14 to discuss their plan for comprehensive tax reform.

Instructions for how you can reach out and an outline for your support are explained below. Thank you for your support on this important action.

_________________________________________________________________________________

Dear HTCC Members,

This is the most important message I have ever sent to HTCC members since its inception in 2009. House Republicans are meeting next week to discuss their path forward on comprehensive tax reform, which will impact our industry’s collective bottom line in 2017.

The talk is over and the time for action is now.

Ways and Means Republicans are convening in a special meeting in Washington, D.C. on December 14-15 to try to achieve consensus on the broad parameters of tax reform. Tax staff will then finalize bill language. Intelligence we have tells us that the bill is likely to be a stripped down version of tax reform – similar to the Blue Print we have discussed – with many, if not all credits and deductions eliminated.

It isn’t hard to see that if the HTC is not in the bill, and with Senate action delayed until later in 2017, there may well be a period of industry uncertainty this spring that could negatively impact the HTC market and the timing of transactions coming out of predevelopment.  

Here is what you can do, right now. There are 9 Republican Ways and Means co-sponsors of the Historic Tax Credit Improvement Act (HR 3846) listed below. In addition, we have had numerous contacts with 3 more Members, Jason Smith (MO-8), George Holding (NC-13) and Tom Rice (SC-7). If you have a project, office or client in any of these districts or states send an email to the tax staffer listed below for that Member to advocate for retention of the credit. Phone numbers are also provided. Please do so no later than Wednesday December 13.

Your message should be that you hope that your Member will speak up now for the retention and improvement of the HTC as part of a reformed tax code. Briefly outline your company’s connection to the district/state and mention at least one project that illustrates the importance of the HTC. Make it clear that “but for” the HTC, these projects cannot be done. If you have future projects that would not get done if the credit disappears, all the better. Don’t hesitate to reach out to me or Patrick for help in drafting your correspondence. Please copy Patrick Robertson at (Patrick.Robertson@fticonsulting.com) and me at (jleith@ntcic.com) on your final email and any response you receive. If you make a phone call, send us a note about what you learn.

Thanks in advance for your prompt action to save the Historic Tax Credit.

John Leith-Tetrault

 

Name

District

Tax Staff Name

Tax Staff

Phone Number

Mike Kelly

PA-3

Lori Prater

lori.prater@mail.house.gov

202-225-5406

Pat Tiberi

OH-2 

Whitney Daffner

whitney.daffner@mail.house.gov

202-225-5355

Tom Reed

NY-23

William Davis

william.davis@mail.house.gov

202-225-3161

 

 

Drew Wayne

drew.wayne@mail.house.gov

 

Lynn Jenkins

KS-2

Abby Pezzi

abby.pezzi@mail.house.gov

202-225-6601

Jim Renacci

OH-16

Randy Herndon

randy.herndon@mail.house.gov

202-225-3876

Dave Reichert

WA-8

Lindsay Manson

lindsay.manson@mail.house.gov

202-225-7761

Pat Meehan

PA-7

Michael Kirlin

michael.kirlin@mail.house.gov

202-225-2011

Erik Paulsen

MN-3

Mike Stober

mike.stober@mail.house.gov

202-225-2871

Kristi Noem

SD-1

Andrew Christianson

andrew.christianson@mail.house.gov

202-225-2801

Jason Smith

MO-8

Mark Roman

mark.roman@mail.house.gov

202-225-4404

 

 

Justin Sok

justin.sok@mail.house.gov

 

Tom Rice

SC-7

McArn Bennett

mcarn.bennett@mail.house.gov

202-225-9895

George Holding

NC-13

Matt Stross

matt.stross@mail.house.gov

202-225-3032

 

 

Topics: policy, Advocacy, federal HTC

The National Trust for Historic Preservation Honors Two MHA Projects at Annual Conference

Posted by Katherine Ferguson on Tuesday, November 22, 2016

Congratulations to the project teams of the Chicago Athletic Association Hotel and the Stony Island Arts Bank in Chicago for each receiving a Dreihaus Preservation Award from the National Trust for Historic Preservation at the PastFoward Conference held in Houston, Texas last week. Below are the award videos that accompanied the honors. 

Chicago Athletic Association Hotel

 

Stony Island Arts Bank 

 

From Votes to Vetoes: State HTC Bills That Ended at the Governor's Desk

Posted by Katherine Ferguson on Monday, November 7, 2016

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| Newark, New Jersey

Tomorrow, twelve state will be voting for new governors: Deleware, Indiana, Missouri, Montana, New Hampshire, North Carolina, North Dakota, Oregon, Utah, Vermont, Washington, and West Virginia. All but four of these states - Indiana, New Hampshire, Oregon, and Washington - have state historic tax credit programs. Just as the tax reform preferences of the to-be-determined president will shape federal programs like the Historic Rehabilitation Tax Credit, these governors will be the influential in the shaping of state historic tax credits whether they are already in place or proposed. And it seems governors are not always a friend to programs that may have overwhelming bi-partisan support for reasons that range from personal to budgetary.  

In the October edition of the Novogradac Journal of Tax Credits, we examined efforts for historic tax credit programs in California and New Jersey that fell short of a governor's signature after passing in other state legislative branches. 

Read the article: Historic Tax Credits and the Gubernatorial Veto

Topics: state policy

NH&RA Awards Five Timmys to MHA Projects

Posted by Katherine Ferguson on Thursday, November 3, 2016

Yesterday in Boston, the National Housing & Rehabilitation Association (NH&RA) presented nine prestigious “Timmy” Awards. This is the 11th year of the program that honors the memory of Boston architect, educator and preservation advocate, Timothy J. Anderson and acknowledges outstanding real estate projects that transform older, historic buildings into new uses with historic tax credits.

Congratulations to all of the winners and finalists, and especially to the project teams of which we had the honor of being part of.

 

Best Commercial/Retail/Non-Residential Project

STONY ISLAND ARTS BANK
Location: Chicago, IL

Developer: The Stony Group, LLC
Architect: Fitzgerald Associates Architects
Historic Consultant: MacRostie Historic Advisors LLC

2_StonyIsland_AFTERExterior_creditMHA.jpg

 

Best Historic Rehab Utilizing LIHTCs – Small

The Lofts at NoDa Mills
Location: Charlotte, NC
Developer: The Community Builders
Architect: Shook Kelley, Inc.
Historic Consultant: MacRostie Historic Advisors LLC

*Also a finalist for Judges’ Award: Best Historic Mill or Factory Rehabilitation

DSC_0253.jpg

 

Best Market Rate/Mixed-Income Residential

ARC at Old Colony
Location: Chicago, IL
Developer: MCJ Development and CA Ventures
Architect: Pappageorge Haymes Partners
Historic Consultant: MacRostie Historic Advisors LLC

ARC_OldColony.jpg

 

Judges' Award: Best Historic Mill or Factory Rehabilitation

A-Mill Artist Lofts
Location: Minneapolis, MN
Developer: Dominium
Architect: BKV Group
Historic Consultant: MacRostie Historic Advisors LLC

*Also a finalist for 
Best Historic Rehab Utilizing LIHTCs - Large

1_A-Mill_Impact Image.jpg

 

Judges’ Award: Achievement in Sustainability

Monsenor Romero Apartments
Location: Washington, DC

Developer: NHT Enterprise
Architect: Wiencek & Associates
Historic Consultant: MacRostie Historic Advisors LLC

MonsenorRomero.jpg

 

FINALIST | Best Market Rate/Mixed-Income Residential

Edge at Union Station
Location: Worcester, MA
Developer: Vision Properties
Architect: Benoit Design Group
Historic Consultant: MacRostie Historic Advisors LLC

EdgeUnionStation.jpg

 

FINALIST | Judges’ Award: Most Innovative Adaptive Reuse

Nichols Tower at Homan Square
Location: Chicago, IL
Developer: Foundation for Homan Square
Architect: Solomon Cordwell Buenz
Historic Consultant: MacRostie Historic Advisors LLC

11_NicholsTower_AFTER14thFloor_creditDarrisLeeHarris.jpg

 

 

Topics: Awards, NH&RA

The Historic Advisor | Fall 2016

Posted by Katherine Ferguson on Wednesday, November 2, 2016

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Inside the issue

Working_2016Q3_banner.jpg  ProjectSuccess_2016Q3_banner.jpg  Awards_2016Q3_banner.jpg

    
 

Topics: The Historic Advisor