TAX CREDITS CREATE AFFORDABLE RENTAL HOUSING
By Steve Wright
Using historic tax credits, Denver-based Mercy Housing retained original materials and features wherever possible and added new materials that blend with the area’s character.
The National Trust for Historic Preservation -- working with leading preservation organizations, developers, the financing community and tax credit users – has crafted “the Community Restoration and Revitalization Act.
The legislation, with sponsorship in the U.S. House and Senate, “is a package of amendments that would further the mission of the Historic Rehabilitation Tax Credit by spurring greater investment in smaller commercial projects and Main Street type properties in older neighborhoods – particularly where there is a critical need for housing and neighborhood reinvestment,” according to a briefing released by the Trust.
The idea is to make it easier to combine the rehab credit with the traditional Low-Income Housing Tax Credit to create projects that save historic structures while creating affordable rental units.
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