Historic Consultants served as the lead financial consultant on the project and responsible for procuring a combined $25 million New Market Tax Credit allocation toward the project and approval for the Historic Tax Credit program.
The tasks involved included:
- Restructuring the project;
- Arranging two Community Development Entities to contribute a combined total of $25 million in New Market Tax Credit allocation;
- Developing an energy savings strategy for the project, including identifying rebates, incentives, and tax credits available for the project;
- Negotiating with the existing lenders to become leverage lenders for New Markets and renegotiating the loan terms accordingly;
- Arrange for historic consultant to nominate property to national register and to complete rehabilitation tax credit application;
- and introducing the development team to qualified legal and accounting representation.
The result of our services enabled the project to be completed with an additional cash infusion of $7,958,000. This is an excellent example of how the combining of New Market Tax Credits and Historic Tax Credits can make a real difference with a project. To learn more about the project, please read the Novogradac Tax Credit Journal coverage in the January issue or review a project summary presentation below.
Lafayette Hotel Downloads
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Download the Novogradac Tax Credit Journal article |
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Download a project presentation |
Don’t miss any potential savings.
For more details on qualification, applicable tax rules and to initiate an application, contact Historic Consultants today.
