Historic Rehabilitation Tax Credit

Overview

"Every individual I have met at Blank Rome is impressive. They are strong in all areas. They are my first choice as counsel and will remain so.”

— Client feedback, Chambers USA

The Historic Rehabilitation Tax Credit is an effective and cost-efficient financing tool for community revitalization. This innovative program remains a critical stimulant to real estate investment and preservation, bringing renewed life to theaters, factories, hotels, mill complexes, armories, and department stores. 

Blank Rome’s tax attorneys have participated in the Historic Rehabilitation Tax Credit program since its inception and advise clients on all aspects of applying it. Whether you are a project sponsor, syndicator, investor, or representing an investment fund, we have the tax law perspective and the Historic Rehabilitation Tax Credit experience to help you to make the most out of these opportunities.  We represent developers, nonprofit organizations, syndicators, and investors in connection with development, rehabilitation, and syndication on structuring, closing transactions, and compliance to ensure the credit is as effective for you as possible.

How We Can Help

  • prepare organization, real estate, equity, and debt documentation;
  • negotiate, structure, document, and close transactions that involve multiple federal and/or state tax credits, such as low-income housing tax credits, renewable energy tax credits, and new markets tax credits
  • interpret and advise on compliance rules related to state and federal legislative and administrative requirements.

What Sets Us Apart

  • Members of Blank Rome’s tax credit team are frequently invited to write and speak on tax and real estate issues at conferences such as the Novogradac Annual New Markets Tax Credit Conferences and CohnReznick’s Annual New Markets Tax Credit Summit and Conferences. 
  • Several attorneys serve as adjunct professors or lecturers at the Graduate Tax Program (LL.M.) of Georgetown University Law Center, George Washington University Law School, and the Real Estate Institute at Temple University.
  • Members of Blank Rome’s tax credit team have published several books and articles on tax credits, including, “Tax Credits: Historic Boardwalk Guidance, Recommended Practices,” discussing recommended practices post issuance of Revenue Procedure 2014-12, 2014-3 I.R.B. 415 and “Joint Ventures Involving Tax-Exempt Organizations.”
     

Experience

  • Represented a project sponsor in a $30 million Historic Tax Credit real estate transaction to redevelop a blighted, environmentally impacted community outside Canton, Ohio, into a community development and urban renewal project.
  • Represented a new markets credit investor, Historic Tax Credit investor, and Community Development Entity in the $20 million state and federal historic tax credit and new markets tax credit financing of the historic Town Theatre in Baltimore, Maryland.
  • Represented a project sponsor in the $53 million rehabilitation of the David Broderick Tower, the $86 million rehabilitation of the David Whitney Building, and the $35 million rehabilitation of the historic Griswold Lofts, all in Detroit, Michigan, and qualifying for historic and new markets tax credits.
  • Represented a project sponsor of the historic tax credit and new markets tax credit-financed rehabilitation of 5716 Michigan Avenue in Detroit, Michigan, to serve as a primary healthcare facility and office space for several nonprofit social service providers.

 

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