The federal historic rehabilitation tax credit (HTC) program is an indirect federal subsidy to finance the rehabilitation of historic buildings with a 20 percent tax credit for qualified expenditures. In a tight real estate market with higher interest rates, the availability of HTCs can influence whether a rehabilitation of a historic property moves forward or not. Farella has served as HTC tax counsel for many of the largest historic rehabilitations in the Bay Area.
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Role of Historic Tax Credits in Financing Real Estate Rehabilitation Projects
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The Federal Historic Preservation Tax Incentives Program encourages private sector rehabilitation of historic buildings and is one of the nation's most successful and cost-effective community revitalization programs.
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