A federal historic rehabilitation tax credit is available for income-producing buildings that are designated historic by the federal government and are substantially rehabilitated according to the Secretary of Interior’s Standards for Rehabilitation.
Photo by Mike Schwartz courtesy of Harrison Square, MRES, Walsh Construction, and MBRE.
Ryan’s team of historic tax credit (HTC) advisors helps developers navigate the complex tax application process and ease the path to additional equity for historic rehabilitation projects. The professionals from MacRostie Historic Advisors (MHA) recently joined Ryan to create the preeminent HTC team in the U.S.
After successfully completing thousands of historic tax credit projects, we have the expertise and the relationships within the historic tax credit community to help projects draw every available dollar.
Historic Tax Credit Programs
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More than 30 states have established state historic tax credits to provide additional financial incentives for the rehabilitation of historic properties. Most of the state programs are based on the Federal Historic Rehabilitation Tax Credit program, although application processes, award amounts, and award procedures vary by state.
Historic tax credits can be monetized and used as project equity through an investment structure that allocates the credits to an investment partner in return for an equity contribution. The federal historic tax credits are often “twinned” with other federal tax credit programs such as the Low-Income Housing Tax Credit (LIHTC) or the New Market Tax Credit (NMTC) Program.
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Queens, New York
Federal Historic Tax Credit
We are experts in the 20% federal tax credit that is administered by the National Park Service (NPS) and Internal Revenue Service (IRS). Since 1985, 43,000 income-producing properties have utilized this tool for $131 billion in historic rehabilitations.
State Historic Tax Credit
Combined with the federal program, some projects can receive up to 45% in tax credits for rehabilitation costs when utilizing state programs. Currently, 35 states have their own legislation, and the HTC team is well-equipped to navigate each program.
Ryan HTC consultants advise clients on complicated real estate transactions under regulatory review. We are a valuable resource in the design process, guiding project teams to avoid pitfalls that may disqualify them from the tax credit programs or prolong the review of their certification application.
National Register of Historic Places Nominations and Local Landmarks Designations
To receive federal and some state historic rehabilitation tax credits, the property must be listed on the National Register of Historic Places (NRHP), a program administered by the NPS.
Ryan HTC consultants can advise on preliminary considerations of historic tax credit requirements for a project in order to plan for a successful rehabilitation that meets funding goals and anticipates realistic timing.
What we needed, and what Ryan helped us obtain, was a 'package' of tax credits and business incentives to make it feasible for us to develop a new facility and expand into new markets.