Potential Gold: Creating Historic Tax Credit Deals from Overlooked Buildings

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Tax Credit Advisor, November 2011: Is that old building on the corner a candidate for renovation using federal historic tax credits? Perhaps. In an interview, Washington, D.C. historic preservation consultant William MacRostie, principal of MacRostie Historic Advisors LLC, outlines the program’s rules and identifies some types of overlooked buildings that might be tax credit deals in waiting.

How old must a building be to qualify for approval by the National Park Service as a certified historic structure and for federal historic tax credits?

Generally 50 years, and either individually listed on the National Register of Historic Places or located in an historic district. An historic district wraps in buildings of a period in history and type. In general, historic districts are either residential districts or commercial districts. A district on the National Register of Historic Districts has a so-called period of significance, the time period that draws in all of the certified historic structures within the boundaries of that district that contribute to that district. Read More…