We have successfully guided federal and state historic tax credit applications through the review process to obtain National Park Service approval.
In addition to the 20-percent federal credit, many states, including Minnesota, offer historic tax credits. The historic credits can provide funding that is critical to a project’s feasibility.
The application process is complex, but we have a well-established track record of success with projects large and small. We advise developers, architects, engineers, contractors, attorneys, investors, and other team members throughout the development process to ensure that projects get certified. Charlene’s background in commercial real estate sales gives our team an insider’s perspective on what goes into making real estate deals work.
For potential projects that are not listed in the National Register of Historic Places, the first step is evaluating whether a property qualifies (“Part 1”), a requirement for obtaining the credits. Thanks to our exceptional research skills and extensive knowledge of architectural and historical trends, we recognize the significance of properties beyond the obvious candidates. For example, we made the case for the significance of a 1970s mixed-use complex that many thought too new to have any historic potential, and the financial infusion from the historic tax credits enabled the property to undergo a $130 million renovation.
Proposed work (“Part 2”) must meet the Secretary of the Interior’s Standards for Rehabilitation—while also making economic sense for the developer. The interpretation of the Standards by State Historic Preservation Offices and the National Park Service evolves over time, so our regular interaction with the reviewers keeps us up-to-date on current trends.