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Since April, 2004, the Massachusetts Historic Rehabilitation Tax Credit program has been catalyzing the rehabilitation, reuse and revitalization of historic properties across the Commonwealth. These historic structures have been rehabilitated to create quality affordable and market rate housing, community centers, commercial and office space, performing arts venues and restaurants and more, benefiting our communities in numerous ways.In 2002, Preservation Massachusetts organized a statewide coalition of organizations to find an initiative that would have a resounding benefit for preservation efforts in our Commonwealth. The answer was unanimous: a state historic rehabilitation tax credit. Led by Preservation Massachusetts, the Coalition has seen success in drafting, lobbying and celebrating the benefits of the State Historic Tax Credit since the first application round in April of 2004.Administered by the Massachusetts Historical Commission, this credit program has proven to be a critical tool for preservation projects and economic development across Massachusetts. From theatres in Worcester and Pittsfield, to hotels in Boston and Stockbridge, to new housing stock in Lawrence and New Bedford, this tax credit actively demonstrates the economic benefits of historic preservation while revitalizing our neighborhoods. Not only is the historic fabric of our Commonwealth being reused and communities reenergized, but vital links between preservation, development, businesses and other professions are being forged and strengthened. Jobs are being created, lights are being turned back on, and downtowns are being revitalized.The program has grown steadily in popularity over five years, from 14 first round applicants to nearly 60 in January 2009, and the demand for the credit is higher than ever. The original $10 million credits annually available increased to $15 and then $50 million in 2006. But even with these expansions, there are not enough credits available to aid the projects that rely on them as a vital funding source. State Tax Credits, when coupled with federal credits, are increasingly becoming the critical source for attaining project feasibility. It is anticipated that the number of applicants and demand for state credits will continue to increase, and an expanded program will be needed to unlock the enormous amount of development potential that these projects represent. If the state credit program is expanded, a potential $1.77 billion worth of reinvestment will become possible.As the lead organization in the conception, lobbying and expansion of the credit, Preservation Massachusetts felt it imperative to quantify the direct benefits of the historic tax credit back to the Commonwealth. It is not hard to see the impact of the credit by viewing construction sites and seeing the before and after pictures of historic structures restored. Yet it is the dollars spent as a result of redevelopment, tax revenues, and jobs created and sustained, that paint the true picture of the credit’s success and illuminate its potential for the future.Through the support of a Legislative Sub-Committee, our lobbyist and numerous individuals across Massachusetts, this economic study became a reality. This study shows that preservation has potent economic development power and plays an important part in the revitalization of communities. The dedication and support of many made this credit program a reality, and Preservation Massachusetts continues to lead the efforts to sustain and grow the program so it will continue as a vital tool for preservation and re-building our economy.
Citation preview
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
LEVERAGING FUNDS TO STIMULATE DEVELOPMENT
AND ECONOMY
Massachusetts State Historic Rehabilitation Tax Credit ProgramChapter 141, Section 22 of MGL
1 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
Introduction
Since April, 2004, the Massachusetts Historic Rehabilitation Tax Credit program has been catalyzing the rehabilitation, reuse and revitalization of historic properties across the Commonwealth. These historic structures have been rehabilitated to create quality affordable and market rate housing, community centers, commercial and office space, performing arts venues and restaurants and more, benefiting our communities in numerous ways.
In 2002, Preservation Massachusetts organized a statewide coalition of organizations to find an initiative that would have a resounding benefit for preservation efforts in our Commonwealth. The answer was unanimous: a state historic rehabilitation tax credit. Led by Preservation Massachusetts, the Coalition has seen success in drafting, lobbying and celebrating the benefits of the State Historic Tax Credit since the first application round in April of 2004.
Administered by the Massachusetts Historical Commission, this credit program has proven to be a critical tool for preservation projects and economic development across Massachusetts. From theatres in Worcester and Pittsfield, to hotels in Boston and Stockbridge, to new housing stock in Lawrence and New Bedford, this tax credit actively demonstrates the economic benefits of historic preservation while revitalizing our neighborhoods. Not only is the historic fabric of our Commonwealth being reused and communities reenergized, but vital links between preservation, development, businesses and other professions are being forged and strengthened. Jobs are being created, lights are being turned back on, and downtowns are being revitalized.
The program has grown steadily in popularity over five years, from 14 first round
3
MA
SSAC
HU
SETTS STATE T
AX C
REDIT
MASSACHUSETTS STATE TAX CREDIT
applicants to nearly 60 in January 2009, and the demand for the credit is higher than ever. The original $10 million credits annually available increased to $15 and then $50 million in 2006. But even with these expansions, there are not enough credits available to aid the projects that rely on them as a vital funding source. State Tax Credits, when coupled with federal credits, are increasingly becoming the critical source for attaining project feasibility. It is anticipated that the number of applicants and demand for state credits will continue to increase, and an expanded program will be needed to unlock the enormous amount of development potential that these projects represent. If the state credit program is expanded, a potential $1.77 billion worth of re-investment will become possible.
As the lead organization in the conception, lobbying and expansion of the credit, Preservation Massachusetts felt it imperative to quantify the direct benefits of the historic tax credit back to the Commonwealth. It is not hard to see the impact of the credit by viewing construction sites and seeing the before and after pictures of historic structures restored. Yet it is the dollars spent as a result of redevelopment, tax revenues, and jobs created and sustained, that paint the true picture of the credit’s success and illuminate its potential for the future.
Through the support of a Legislative Sub-Committee, our lobbyist and numerous individuals across Massachusetts, this economic study became a reality. This study shows that preservation has potent economic development power and plays an important part in the revitalization of communities. The dedication and support of many made this credit program a reality, and Preservation Massachusetts continues to lead the efforts to sustain and grow the program so it will continue as a vital tool for preservation and re-building our economy.
2002
Preservation Massachusetts creates the Massachusetts Preservation Coalition and it determines a historic tax credit would have the greatest impact on historic preservation throughout Massachusetts.
The Coalition begins a study of tax credit programs in other states, and Preservation Massachusetts hires a lobbyist to begin discussing the credit with state legislators and to actviely seek sponsors.
The development community and preservationists develop working relationships as the economic impact of the Historic Rehabilitation Tax Credit becomes apparent.
A PROGRAM WITH STRONG SUCCESS AND INCREASING NEED
2003 In a difficult economic time, the credit legislation languishes in the Taxation Committee. Senate President Travaglini and staff suggest the credit be a part of the 2003 Senate Economic Stimulus Package. With the help of the development community, the credit passes and is signed into law by Governor Romney in November. The credit program is:
• Up to 20% on certified rehabilitations
• A 5 year pilot program capped at $10 million credits available annually, $50 million total credits
• Administered by the Massachusetts Historical Commission
• 25% of the available credits must be allotted for projects that contain affordable housing
• PM and other organizations commented on the Emergency Regulations, which are promulgated
2004-2005
Senate Bill 2478 is filed to increase the annual credit available for the state historic tax credit. The legislature compromises and increases the cap by $5 million, making a total of $15 million now available annually.
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT3
2006 The success of the state historic tax credit is remarkable. The Senate seeks to raise the annual cap to $30 million, while the House seeks $50 million. House and Senate both agree on a $50 million annual cap (retro active to 2005) and extends the program sunset date until December 2011. Governor Romney vetoes the legislation but a voice roll call in the Legislature overrides the veto unanimously in the House and with only one lost vote in the Senate. Permanent regulations are promulgated.
2008-2009
With the success of the state historic tax credit and the increasing number of projects seeking allocations for amounts that far exceed $50 million annually, Preservation Massachusetts makes a strong push to increase the credit cap. The focus of legislative advocacy efforts include extending the 2011 sunset clause, raising the cap to $100 million annually and ensuring this vital program does not suffer with the challenging economic times.
An economic study of the credit, featuring quantifiable numbers on job creation, tax revenue, project profiles and testimony of elected officials and others is undertaken.
LOOKING
FORWARD
Waltham Watch is a massive industrial complex along the banks of the Charles River that blends Queen Anne and Romanesque architectural styles. Used throughout the 19th century until the mid 20th century by The American Watch Company, this now largely vacant 27 building complex will be converted to office, commercial, restaurant, and retail
space. With tax credit assistance, this underutilized asset can bring jobs and economy to Waltham.
4MASSACHUSETTS STATE TAX CREDIT
n
*
SUFFOLK COUNTY $ 940.9 M POTENTIAL INVESTMENT
$ 128.6 M TAX CREDITS DEMAND
CURRENT DEMAND BY COUNTY
NORFOLK COUNTY
$ 83.8 M POTENTIAL INVESTMENT
$ 10.2 M TAX CREDIT DEMAND
BERKSHIRE COUNTY $ 67.3 M POTENTIAL INVESTMENT
$ 7.4 M TAX CREDIT DEMAND
BRISTOL COUNTY $ 133.3 M POTENTIAL INVESTMENT
$ 25.1 M TAX CREDIT DEMAND
FRANKLIN COUNTY $ 77.7 M POTENTIAL INVESTMENT
$ 16.3 M TAX CREDIT DEMAND
ESSEX COUNTY $ 335.4 M POTENTIAL INVESTMENT
$ 73.2 M TAX CREDIT DEMAND
MIDDLESEX COUNTY $ 503.4 M POTENTIAL INVESTMENT
$ 84.8 M TAX CREDIT DEMAND
BARNSTABLE COUNTY
$ 0.1 M POTENTIAL INVESTMENT
$ 0.0001 M TAX CREDIT DEMAND
HAMPDEN COUNTY
$ 59.3 M POTENTIAL INVESTMENT
$ 10.1 M TAX CREDIT DEMAND HAMPSHIRE COUNTY
$ 0.3 M POTENTIAL INVESTMENT
$ 0.06 M TAX CREDIT DEMAND
UNDER 1 M
1M - 10 M
11 M - 20 M
21 M - 50 M
51 M - 100 M
101 M - 150 M
CREDIT IMPACT5
CREDIT IMPACT 3
CRED
IT IMPA
CT
LEVERAGING FEDERAL $$$
The Massachusetts State Historic Tax Credit has widely revived the use of the Federal Historic Tax Credit across the Commonwealth. The combination of both state and federal tax credits has proved enticing to developers and allowed many challenging programs to become a reality.
In FY 2008, the National Park Service reports that Massachusetts ranks number 2 in the country with a total of $324,940,381 in certifi ed expenses from 58 projects trailing just slightly behind Missouri’s $376,705,762 in certifi ed expenses from 134 projects.
(Source: Federal Tax Incentives for Rehabilitation Historic Buildings: Statistical Report and Analysis for Fiscal Year 2008, The National Park Service, February 2009.)
n
*
SUFFOLK COUNTY$ 940.9 M TOTAL INVESTMENT
$ 128.6 M TAX CREDIT INVESTMENT
IMPACT BY COUNTY
NORFOLK COUNTY
$ 83.8 M TOTAL INVESTMENT
$ 10.2 M TAX CREDIT INVESTMENT
BERKSHIRE COUNTY $ 67.3 M TOTAL INVESTMENT
$ 7.4 M TAX CREDIT INVESTMENT
BRISTOL COUNTY $ 133.3 M TOTAL INVESTMENT
$ 25.1 M TAX CREDIT INVESTMENT
FRANKLIN COUNTY $ 77.7 M TOTAL INVESTMENT
$ 16.3 M TAX CREDIT INVESTMENT
ESSEX COUNTY $ 335.4 M TOTAL INVESTMENT
$ 73.2 M TAX CREDIT INVESTMENT
MIDDLESEX COUNTY$ 503.4 M TOTAL INVESTMENT
$ 84.8 M TAX CREDIT INVESTMENT
BARNSTABLE COUNTY
$ 0.1 M TOTAL INVESTMENT
$ 0.0001 M TAX CREDIT INVESTMENT
HAMPDEN COUNTY
$ 59.3 M TOTAL INVESTMENT
$ 10.1 M TAX CREDIT INVESTMENT
HAMPSHIRE COUNTY
$ 0.3 M TOTAL INVESTMENT
$ 0.06 M TAX CREDIT INVESTMENT
UNDER 1 M
1M - 10 M
11 M - 20 M
21 M - 50 M
51 M - 100 M
101 M - 150 M
IMPACT ACROSS MASSACHUSETTS
Current demand is 293.8 million, which could leverage development investment of 1.7738 billion
With this investment, 25,729 jobs would be created*
4,094 housing units would be created with 910 being affordable housing units
Nearly 8 million square feet would be rehabilitated
Return to MA in tax revenue: approximately 296.9 M
$
4,094 housing units would be created with 910 being affordable housing units
With
*In 2003 Preservation Massachusetts created a model for calculating fi nancial impact of the Massachusetts Historic Rehabilitation Tax Credit. The multipliers were calculated using a customized input-output model, the Preservation Economic Impact Model. Source: Lahr, Mike L. & Listokin, David; Economic Impact of Historic Preservation in Massachusetts; Center for Urban Policy Research, Rutgers University.
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT4
CREDIT IMPACT
• Massachusetts closed 2008 with an unemployment rate of 6.9%
• When development is spurred, jobs are created.
• The Massachusetts Rehabilitation Tax Credit catalyzes development by providing up to 20% of the certified rehabilitation cost leveraging the devloper’s initial investment and allowing projects to move forward.
• Projects currently waiting in the wings for tax credits could create upwards of 25,000 construction and permanent jobs for the Commonwealth
CREATING JOBS
8
LOOKING FORWARD The Hewood Wakefield Company Complex in Gardner will create 100 construction jobs and 50 permanent jobs. With State Tax Credits, these jobs can become a reality.
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT6
CREDIT IMPACT
• 25% of allocated credits must go to affordable housing projects
• Over the past five years, tax credit investment has created 851 new housing units with 422 of those units being affordable housing units
PROVIDING NEEDED HOUSING
LOOKING FORWARDWampanoag MillFall River, MA
December 15, 2008
D E V E L O P E R : WinnDevelopment
A R C H I T E C T : The Architectural Team
Rendering
Comprised of two mill buildings, Wampanoag Mills reflects Fall River’s booming 19th century textile industry. Mill Number 1 once housed upwards of 1,605 looms and 64,872 spindles in its five story granite structure. The Mills currently house some commercial and factory outlet tenants, and future plans will create quality rental housing for persons 55 and older.
10
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT8
CREDIT IMPACT
REVITALIZING COMMUNITIES
In downtown Lawrence, mills stood vacant for many years after textile companies closed their operations. With the loss of the industry, former factories no longer stimulated the economy and instead drained Lawrence.
Washington Mills’ rehabilitation into 155 housing units which would not have been possible without State Tax Credits, brought $ 40 million worth of investment to downtown Lawrence. Now the home of over 200 new residents, Washington Mills is acting as a catalyst for future development in Lawrence.
Throughout Massachusetts, the State Rehabilitation Tax Credit is filling the funding gap to help revitalize communities and draw investment to cities like Lawrence.
Built in 1929, Greenfield’s First National Bank’s Art Deco features stand out against the predominantly Greek and Federal revival style of downtown. The strong forms of the building, reinforced concrete and steel beams used in construction were meant to inspire confidence in local banking. Years of neglect may have deteriorated some elements, but not plans for creating retail and restaurant space in this local
landmark. This project needs $.7 M in tax credit allocation to strengthen their own investment of $ 4.1 M.
LOOKING
FORWARD
12
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT10
Union Crossing is a major redevelopment located between downtown Lawrence and a new intermodal transportation center. The project will include 125 housing units of mixed income housing, including affordable housing for working families, approximately 125,000 sf of commercial space, a 12,000 square foot daycare center, and two acres of public open space including a streamlined pedestrian thoroughfare, new park space, and playground. This project embodies so much more than just preservation; it answers a critical need for housing, helps bring new jobs to Lawrence, promotes transit oriented development and puts life back into a complex that was in danger of becoming vacant and blighted.
Union CrossingLAWRENCE, MA December 16, 2008
View South
RaisedLawn Panel
North Canal
Promenade
EntryPavilion
ShadeTrellis
East IslandBridge
Playground
CREDIT IMPACT
OTHER BENEFITS OF PRESERVATION
Urban RevitalizationDowntown cores become re-populated thus improving the market for retail services, bringing eyes on the streets and turning on lights in the windows. Local economies are stimulated from the increased demand resulting from infusion of new building users.
Transit Oriented DevelopmentHistoric districts often have excellent access to public transportation thus offering alternatives to driving thereby reducing the states carbon footprint.
Re-use of existing infrastructureCities and towns benefit by not having to build new infrastructure.
ConservationBuilding preservation preserves open space and reduces waste. There is less new construction in greenfields and less waste in our landfills.
Sense of PlacePreserving places with deep historical and cultural significance improves our quality of life.
LOOKING FORWARD
14
WHAT IS THE MA REHABILITATION TAX CREDIT DOING IN YOUR COMMUNITY?
N
n
BERKSHIRE COUNTY RED LION INN, STOCKBRIDGE
THE COLONIAL THEATRE, PITTSFIELD
HAMPDEN COUNTY
WORTHINGTON COMMONS, SPRINGFIELD
FRANKLIN COUNTY RISTORANTE DIPAOLO, TURNERS FALLS
WORCESTER COUNTY HANOVER THEATRE, WORCESTER
PARKHILL MILL, FITCHBURG
ESSEX COUNTY BROWN SCHOOL, PEABODY
CORDOVAN, HAVERHILL
WASHINGTON MILLS, LAWRENCE
BRISTOL COUNTY UNION STREET LOFTS, NEW BEDFORD
SUFFOLK COUNTY 311 SUMMER STREET, BOSTON
BAKER SQUARE II, DORCHESTER
FEATURED TAX CREDIT PROJECTS
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
RED LION INN, STOCKBRIDGEDEVELOPER: THE FITZGERALD FAMILY
ORIGINAL USE: HOTEL
REUSE: HOTEL
17
TOTAL PROJECT COST:
$ 6 M
TOTAL TAX CREDITS:
$ .50 M
TAX CREDIT PROJECTS
REUSE: HOTEL
18
THE COLONIAL THEATRE, PITTSFIELDDEVELOPER: THE COLONIAL THEATRE ASSOCIATION
Since the Colonial Theatre opened its doors in 2006, values of a typical home within the city of Pittsfield have risen an average of 20%. More and more people are coming downtown to the 40 plus new condo units, dozen-or-so restaurants, half dozen shops, and a handful of small businesses that have been established since the reopening.
Mayor James M. Ruberto
19 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
ORIGINAL USE: THEATRE REUSE: PERFORMING ARTS SPACE
TOTAL PROJECT COST:
$17 M TOTAL TAX
CREDIT:
$1 M
TAX CREDIT PROJECTS 20
UNION STREET LOFTS, NEW BEDFORDDEVELOPER: HALLKEEN AND THE WATERFRONT AREA HISTORIC LEAGUE (WHALE)
TOTAL PROJECT COST:
$12.3 M
TOTAL TAX CREDITS:
$ 1.01 M
New Bedford’s historic properties and their architectural features are recognized as some of the city’s greatest attributes. Without the MHRTC our history and heritage would be at risk. It takes a tremendous amount of dedication and vision to restore these types of buildings for 21st century use and the MHRTC plays an essential role in their redevelopment.
Mayor Scott W. Lang, New Bedford
21
TAX CREDIT PROJECTS
CONVERTED TO MIXED INCOME HOUSING/COMMERCIAL SPACE
35 HOUSING UNITS
WITH 9 AFFORDABLE
UNITS
22
BROWN SCHOOL, PEABODYDEVELOPER: STRATFORD CAPITAL
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT23
TAX CREDIT PROJECTS
TOTAL PROJECT COST:
$15 M
TOTAL TAX CREDITS:
$ 1.0 M
41 NEW HOUSING UNITS; 20 ELDERLY AFFORDABLE UNITS
24
THE CORDOVAN AT HAVERHILL STATION, HAVERHILLDEVELOPER: BEACON COMMUNITIES LLC
TOTAL PROJECT COST:
$39 MTOTAL TAX CREDITS:
$2.50 M
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT25
ORIGINAL USE: SHOE RELATED MANUFACTURING
REUSE: HOUSING
146 NEW MIXED INCOME HOUSING UNITS; 40% AFFORDABLE UNITS
TAX CREDIT PROJECTS 26
WASHINGTON MILLS, LAWRENCEDEVELOPER: ARCHITECTURAL HERITAGE FOUNDATION AND BANC OF AMERICA CDC
TOTAL PROJECT COST:
$42.1 M
TOTAL TAX CREDITS:
$5.40 M
In a region dotted with historic mills, Washington Mills stands out—not only for the quality of its recent renovation but also for the impact of its rebirth on the town of Lawrence. This project has demonstrated in remarkable fashion how historic preservation can be a real catalyst for downtown revitalization.
Richard Moe, President, National Trust for Historic Preservation
27 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
155 NEW HOUSING UNITS
10% OF UNITS ARE AFFORDABLE HOUSING
28TAX CREDIT PROJECTS
RISTORANTE DIPAOLO, TURNER FALLSDEVELOPER: DENISE DIPAOLO
TOTAL PROJECT COST:
$ 385,000
ORIGINAL USE: DOWNTOWN COMMERCIAL SPACE
REUSE: RESTAURANT
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT29
TOTAL TAX CREDITS:
$ 59,000
TAX CREDIT PROJECTS 30
WORTHINGTON COMMONS, SPRINGFIELDDEVELOPER: FIRST RESOURCE COMPANIES
TOTAL PROJECT COST:
$19 M
TOTAL TAX
CREDIT:
$2 M
31 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
ORIGINAL USE: APARTMENTS
REUSE: HOUSING
100% AFFORDABLE HOUSING UNITS
TAX CREDIT PROJECTS 32
311 SUMMER STREET, BOSTONDEVELOPER: ADD, INC.
TOTAL PROJECT COST:
$ 30 MTOTAL TAX CREDITS:
$ .70 M
The Massachusetts State Historic Tax Credit program has been and continues to be a significant and critical source of funding for the development of our company’s new home at 311 Summer Street. ADD Inc’s efforts to rehabilitate this precious asset that is a piece of Boston’s history would not have been possible without the existence of this funding source, as well as the support from so many of our allies and partners that spoke on our behalf to secure continued funding from the State. Today, we occupy the building, lease space on A Street and Summer Street, and have successfully repositioned an underutilized and at risk asset to the benefit of the neighborhood and the greater Fort Point Channel community.
Fred Kramer, AIA, Principal, ADD, Inc.MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT39
TOTAL PROJECT COST:
$30 M
TOTAL TAX CREDITS:
$.70 M
TAX CREDIT PROJECTS
ORIGINAL USE: COFFEE MANUFACTURING
REUSE: OFFICES AND RETAIL/COMMERCIAL SPACE
40
MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT40
BAKER SQUARE II, DORCHESTER (LOWER MILLS)DEVELOPER: WINNDEVELOPMENT
BEFORE
• Original Construction Date: Complex date: 1868-1947• Original Use: Chocolate factory
Walter Baker started manufacturing chocolate on this site in the 1770’s.
TAX CREDIT PROJECTS 42
ORIGINAL CONSTRUCTION DATES:
1868-1947
TOTAL PROJECT COST:
$28 M
TOTAL TAX CREDITS:
$6.38 M
AFTER
Baker Square II received the PM 2008 Paul Tsongas Award for preservation,
economic development and use of historic tax
credits.
80 NEW HOUSING UNITS CREATED WITH 8 AFFORDABLE HOUSING
UNITS
THE HANOVER THEATRE, WORCESTERDEVELOPER: WORCESTER CENTER FOR PERFORMING ARTS, LLC
We could never have done this project if it wasn’t for the State Historic Tax Credit and the support of Preservation Massachusetts.
Ed Madaus, Founder, The Hanover Theatre, Worcester
43 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
TOTAL PROJECT COST:
$32.8 MTOTAL TAX CREDITS:
$ .75 M
TAX CREDIT PROJECTS 44
TOTAL PROJECT COST:
$ 17.5 M
PARKHILL MILL, FITCHBURGDEVELOPER: MASSINNOVATION
86 HOUSING UNITS CREATED, 100% AFFORDABLE HOUSING
TOTAL TAX CREDITS:
$ 2.5 M45 MASSACHUSETTS HISTORIC REHABILITATION TAX CREDIT
86 HOUSING UNITS CREATED, 100% AFFORDABLE HOUSING
“Anwelt Heritage Apartments, New England’s first eco-friendly, affordable senior housing project, is an excellent example of just how vital the State’s Historic Rehabilitation Tax Credit Program is to Gateway Cities like Fitchburg. This award-winning, $20 million, adaptive reuse project here in Fitchburg just would not have been possible without the State Historic Tax Credit Program.”
-Fitchburg Mayor, Lisa Wong 46TAX CREDIT PROJECTS
Acknowledgements
Massachusetts Preservation CoalitionComposed of statewide developers and preservationists
Preservation Massachusetts45 School StreetBoston, MA 02108617.723.3383www.preservationmass.org
This project has been funded in part by a grant from the National Trust for Historic Preservation’s Eastern Massachusetts Preservation Fund
By Cyndia Golze, Architectural Heritage Foundation, 2009
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