icon Blueprint for December

Everything Old is New Again

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3 min read

It’s the time of year many companies conduct performance reviews. If I were 2021’s supervisor, I think I would give the year an “exceeds expectations” rating. The bar for improving on 2020 was of course set quite low. But as this year draws to a close and we take a look back, it really was a good year by almost any measure. There are vaccines for COVID-19, the economy continues to rebound, students are back at schools and colleges, employment is up and many aspects of life have returned to some semblance of normalcy. It was surely an improvement over 2020 in almost every way.

This year also brought tremendous new opportunities for the affordable housing industry. There are billions in new spending and fixes to the Low Income Housing Tax Credit (LIHTC). There are housing provisions in the budget reconciliation bill making its way through Congress at press time, and more in the just-passed infrastructure bill.

In the course of talking with my colleagues at National Housing & Rehabilitation Association and many of our members, it’s clear that many of the changes that have come along this year are some of the biggest improvements to affordable housing polices in the last 50 years. It is exciting to think about all the new opportunities that lie ahead in 2022.

This month in Tax Credit Advisor, we take a look at adaptive reuse and historic rehabs. I’m particularly enthusiastic about this topic, because I think it captures all the best aspects of the housing world, from innovative policy and construction to green initiatives that make the best possible use of existing structures.

We have two fascinating case studies this month that look at an old courthouse turned into affordable homes in Worcester, MA, and redeveloped waterfront homes in Boston that take into account climate change and rising oceans. In this issue, we also dive into states using new initiatives to take advantage of underutilized commercial real estate to create new affordable housing.

We also have a great interview with Bill MacRostie, founder of MacRostie Historic Advisors, whose career spans a number of fascinating projects and challenges for rehabilitations and preservations. One of his comments about the pros and cons of preservations and adaptive reuse really struck me. He notes that using an existing structure saves on the environmental impact of things, like pouring new concrete, which of course includes cement and that is one of the world’s biggest contributors to carbon dioxide emissions. But an older building of course needs to be updated to meet modern requirements for energy efficiency, which can present quite a challenge in many older buildings.

So, as 2020 comes to a close, we will keep in mind the lessons learned over the past 50 years and look ahead to making use of the new opportunities that are just coming into place. Just like a rehab of a historic building or turning a courthouse in an old mill town into modern affordable housing. We will take the best practices of the past and combine them with today’s best ideas and build a brighter future.

Paul Connolly
Executive Editor

Tax Credit Advisor welcomes reader comments. Contact the executive editor at [email protected].