Novogradac Journal of Tax Credits Honors Outstanding Achievement in the Field of Historic Rehabilitation

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Winners Receive National Recognition at the Inaugural Novogradac Journal of Tax Credits Historic Rehabilitation Awards Ceremony

Novogradac & Company LLP today recognized six exceptional historic rehabilitation developments at its first annual Novogradac Journal of Tax Credits Historic Rehabilitation Awards ceremony. The Historic Rehabilitation Awards honor excellence and special achievement in the field of historic preservation and rehabilitation. The awards were presented before hundreds of historic tax credit professionals at Novogradac & Company LLP’s Historic Tax Credit Conference in Detroit, Mich. on September 19.

“Since its inception in the 1970s, the historic tax credit has contributed to rehabilitation projects that revitalize communities, stimulate economic activity and preserve iconic communities. This year’s award-winning developments are proven success stories of how the historic tax credit program has been used as a valuable tool for economic resurgence and historic preservation,” says Thomas Boccia, CPA, conference chair and partner in Novogradac & Company LLP’s Cleveland, Ohio office. “I salute this year’s award winners for their remarkable contributions and welcome all to submit nominations next year.”

Presented by the Novogradac Journal of Tax Credits, the Historic Rehabilitation Awards were created to commemorate outstanding achievement in the rehabilitation of developments using the historic tax credit. Instrumental in preserving the nation’s historic properties, the historic tax credit has an exceptional track record of stimulating economic growth by leveraging private investment, generating millions of jobs, restoring distressed communities and retaining America’s architectural heritage.

Projects were evaluated in a number of areas including community impact, financial innovation and success in overcoming significant challenges. The award-winning developments were placed in service in 2012 and 2013 and were recognized in one of three categories. The winners and honorable mentions in each category are:

Historic Tax Credit Development that Best Exemplified Major Community Impact
o    Winner: Paramount Theatre - Developed by Paramount Theatre Developer LLC
o    Honorable Mention: Connections Housing - Developed by Affirmed Housing Group and PATH Ventures

Historic Tax Credit Development that Overcame Significant Obstacles
o    Winner: Luna Lodge - Developed by NewLife Homes Inc.
o    Honorable Mention: The Mercury at The Beacon - Developed by Beacon Redevelopment LLC

Historic Tax Credit Development that Best Demonstrates Financial Innovation
o    Winner: Palmer Park Square - Developed by Shelborne Development Company
o    Honorable Mention: Capitol Square Apartments - Developed by Housing Corporation of Arlington

The Novogradac Journal of Tax Credits is a national monthly publication read by affordable housing, community development and renewable energy professionals who turn to its pages for industry news and commentary. The Novogradac Journal of Tax Credits covers the low-income housing tax credit, property compliance, valuation, tax-exempt housing bonds, new markets tax credit, renewable energy tax credit, historic tax credits and HUD programs.

Novogradac & Company LLP was founded in 1989, and has since grown to more than 400 employees and partners in offices in San Francisco and Long Beach, Calif.; the Washington,
D.C., Atlanta, Ga., Detroit, Mich., Kansas City, Mo. and Seattle, Wash. metro areas; St. Louis,
Mo.; Boston, Mass.; Austin, Texas; Dover, Columbus and Cleveland, Ohio; New York, N.Y. and Portland, Ore. Specialty practice areas include tax, audit and consulting services for tax-credit-assisted multifamily and affordable housing, community revitalization and rehabilitation of historic properties. Other areas of expertise include military base redevelopment, preparation and analysis of market studies and appraisals of multifamily housing investments and renewable energy tax credits.

For further information on the Novogradac Journal of Tax Credits or the Community Development Awards, please contact Teri Baker at teri.baker(at)novoco(dot)com.

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