April 3, 2012 Two HBI Projects Receive State Tax Credit Allocations
HBI is pleased to report that projects at the Hayden Building and the Alvah KittredgeHouse each received $300,000 in the latest round of Massachusetts Historic Rehabilitation Tax Credit allocations. This is the first allocation to the Kittredge House, which may qualify for as much as $800,000 in State Credits. The Hayden Building?s tax credits are the second allocation to that project bringing the current total to $600,000 of the roughly $1 million in State credits for which that project may be eligible.
The State?s Historic Rehabilitation TaxCredit is an invaluable source of financing for HBI?s preservation projects. Credits are issued competitively for up to 20% of qualified rehabilitation costs. Once allocated, the credits are sold to investors at a slight discount, providing a much-needed source of cash for projects that abide by the US Secretaryof the Interior?s Standards for Rehabilitation. If combined with the similar Federal Historic Rehabilitation Tax Credits ? also issued for 20% of eligible costs and also sold to investors — these funds often make or break the feasibility of challenging projects like those undertaken by HBI.
Historic Boston is very grateful to Secretary William Galvin and the Massachusetts Historical Commission for choosing to support these two very worthy projects. Without their help, challenging historic preservation projects could not happen.