News Historic Tax Credit

A Memorable March: NTCIC Advocates for Continued HTC Support

Written By: NTCIC

It’s March Madness not just on basketball courts around the country, but also on the Hill in D.C. where it is high season for advocacy with members of Congress. National Trust Community Investment Corporation (NTCIC) kicked off the month of March by collaborating with industry partners, celebrating Historic Tax Credit (HTC) champions both on and off Capitol Hill, and driving momentum for post-tax reform HTC advocacy.

The National Housing & Rehabilitation Association (NH&RA) published its March issue of Tax Credit Advisor where NTCIC President Merrill Hoopengardner was featured as the “Talking Head” who has kept a watchful eye on the tax reform marketplace. Merrill’s Q&A-styled interview explored initial reactions to tax reform changes, how current projects in development are impacted, possible changes at the state and local levels, and the anticipated future of tax credit investor appetite.      Read the full article HERE or by clicking on image.

On March 12, The National Park Service released its anticipated Federal Tax Incentives for Rehabilitating Historic Buildings: Annual Report for Fiscal Year 2017. The report highlights continuing strong demand for federal HTCs and the significance of the credit as the “nation’s most effective program to promote historic preservation and community revitalization through historic rehabilitation.” During 40 years of the program’s existence, 43,328 projects have been rehabilitated, 2.54 million jobs created and $89.97 billion has been invested in historic rehabilitation. Just in FY2017, 1,035 Part 3 projects were completed, creating 106,846 jobs and generating $5.8 billion in private investment. In the past year there has been a 16% increase in approved projects.          Read the full report HERE or by clicking on image.

Photo credit: Forrest Milder | Nixon Peabody

In celebration of 40 years of advocacy, Preservation Action (PA) hosted another successful National Historic Preservation Advocacy Week, gathering 175 advocates from across the country to Washington, D.C. to advocate  for historic preservation issues including the HTC.

On March 12, Merrill addressed State Historic Preservation Office (SHPO) and PA members at their annual meeting about the successful campaign to preserve the HTC. In a discussion moderated by SHPO Director of Government Relations, Ted Monoson, Merrill described the scope of the effort that was involved to preserve the HTC, encouraged attendees to thank Members of Congress who supported the preservation of the credit in tax reform, and gave suggestions for how to sustain the momentum going forward.

On March 13, the Historic Tax Credit Coalition (HTCC) and the National Trust for Historic Preservation (The Trust) sponsored PA’s Congressional Reception which honored Members of Congress as “Champions of the HTC” in the 115th Congress. Merrill Hoopengardner, also Chair of the HTCC, joined PA President Russ Carnahan, PA Chair Marsh Davis, and colleagues from The Trust in celebrating over 70 members of the House and Senate as HTC Champions. Of those members, 12 were recognized in person and all expressed gratitude for the fervent efforts of the HTC industry in keeping the credit alive.

The following photos and quotes are illustrative examples of memorable moments from the Congressional Reception.
(Photo Credits: Melani Hom | NTCIC)

“From South Bend and Goshen to Wabash and Peru, Historic Tax Credits have supported economic development, job creation, historic preservation, and community revitalization throughout my district. I couldn’t be more grateful that we were able to keep these important incentives in the tax code when we passed historic tax cuts.”- Rep. Jackie Walorski (R-IN)

The Federal Historic Tax Credit is vital in allowing communities to preserve the historic buildings and landmarks that define the character of their past, and allowing these same buildings to become the foundation for economic vitality now and in the future. In addition, this is one of the few government programs that has returned more to the Federal government than it has cost.”- Rep. Rod Blum (R-IA)

It’s not just buildings that we connect ourselves with in this work – we connect ourselves to heritage. This stuff matters. You can’t know where you are going if you don’t know where you came from.”– Rep. Dennis Heck (D-WA)

“But for the Historic Tax Credit, many of these buildings wouldn’t have been resuscitated.” – Rep. Richie Neal (D-MA)

“Revitalizing historic buildings is critical to the economic development of our communities. Don’t quit. Keep fighting the fight.” – Rep. Claudia Tenney (R-NY)

“New York projects were not viable but for one thing – the HTC – which both democratic and republican members support. It pays for itself and so much more.”– Rep. Brian Higgins (D-NY)

“I don’t think there is a greener building than the HTC work we have done in West Virginia. When we were challenged in recent tax reform, they didn’t realize who they were taking on.”– Rep. David McKinley (R-WV)

“Thank you for reminding us of our noble roots and helping us understand the economic multiplier that the historic tax credit is. We have an opportunity to build on a past that is deeply profound. I am inspired by the message enabled by the HTC.”– Rep. Paul Tonko (D-NY)

“I always say, if it ain’t broke, don’t fix it. We were trying to fix something that was working so well. The Arlington Hotel would not have happened if the HTC went away. We did the right thing. The HTC is not only going to help my hometown but many other towns across the nation. It’s a win win situation.” – Rep. Bruce Westerman (R-AR)

“I look forward to spreading the word in showing the impact the (HTC) program makes. The HTC is revitalizing communities across the country proving the program to be adequately modernized and energized.” – Rep. Earl Blumenauer (D-OR)

“Lancaster has the most revolutionary war era buildings after Williamsburg, VA. With the HTC, developers have the ability to revitalize urban areas, like Lancaster, and do not need to develop surrounding green and fertile farm land. Encouraging revitalization in urban centers goes hand and hand with preserving the open spaces and farmland we have.”– Rep. Lloyd Smucker (R-PA)

“I often talk about the importance of leveraging private investment and encouraging the public and private sectors to work together for better, more affordable, and safer neighborhoods. The Historic Preservation Tax Credit is a perfect example of that. I have seen the role this tax credit plays in bringing once-dormant buildings back to life with projects in Canton. I am honored to be recognized for our efforts to maintain the Historic Preservation Tax Credit.” – Rep. Bob Gibbs (R-OH)

Photo Credit: Forrest Milder |Nixon Peabody & Natalie Latta | NTCIC

On March 14, the HTCC hosted a celebratory luncheon for a familiar name and face to all in the historic preservation community, John Leith-Tetrault. Those in attendance recognized the 20+ years of inspiration and influence John left on the tax credit community, and especially his 7 years of service as Chair of the HTCC.

Read more about John Leith-Tetrault’s legacy at: