SAN FRANCISCO, Sept. 21, 2020 /PRNewswire-PRWeb/ -- Three properties–a health center in New Orleans, an apartment building in Chicago and a former school in Berlin, N.H.–are the winners of the Novogradac Journal of Tax Credits 2020 Historic Rehabilitation Awards. The awards recognize outstanding achievement and excellence in the creative use of the historic tax credits (HTCs). Award winners will be showcased at the Novogradac 2020 Historic Tax Credit Virtual Conference, Sept. 24-25.
"Winners of the Historic Rehabilitation Awards are great examples of how the historic tax credit can benefit entire communities and show the importance of preservation," said Thomas Boccia, CPA, conference chairman and Novogradac partner. "Our awards judges were impressed with each development's innovative financing and perseverance."
Awardees were recognized in the following categories:
- Residential Development that Best Exemplifies Major Community Impact
- Nonresidential Development that Best Exemplifies Community Impact
- Residential Development that Overcame Significant Obstacles
The residential development that best exemplifies major community impact is The Miriam Apartments in Chicago. Built in 1925, the Miriam was a contributing structure to the Sheridan Park Historic District and is one of 19 apartment hotels built before 1930 in Chicago. The developer Mercy Housing Lakefront combined HTCs, low-income housing tax credits (LIHTCs) and a U.S. Department of Housing and Urban Development (HUD) Section 221(d)(4)-insured loan to help preserve 66 affordable apartments for extremely low-income individuals.
The nonresidential development that best exemplifies community impact is 2700 Bohn Motor in New Orleans. Bohn Motor Co. was built in 1923 as a car dealership and is a rare surviving example of a pre-Depression era automobile dealership. Gulf Coast Housing Partnership was able to transform the building into 2700 Bohn Motor, a federally qualified health center anchored by Odyssey House Louisiana–a behavioral health and substance abuse treatment provider. The development brought 45 jobs to the area and increased Odyssey House Louisiana's ability to provide behavioral health and substance abuse treatment critical to fighting the current battle against opioid addiction.
The residential development that overcame significant obstacles is St. Regis House in Berlin, N.H. The development is a former school built in 1910 and was converted to affordable housing in 1981. Chesapeake Community Advisors Inc., in collaboration with Berlin Housing Authority combined HTCs, LIHTCs, energy grants and funding from HUD to renovate and preserve St. Regis. The development is also subsidized by a project-based Section 8 contract, which will maintain the affordability of St. Regis House.
The Novogradac 2020 Historic Tax Credits Virtual Conference will feature keynote addresses from Sen. Bill Cassidy and Rep. Earl Blumenauer, pre-conference workshops, networking opportunities and conference panels for investors, developers and historic consultants.
Additional details about the awards winners and information on how to nominate a development for the next round of awards can be found at http://www.novoco.com/events/awards.
About Novogradac
Novogradac began operations in 1989 and has grown to more than 600 employees and partners with offices in more than 25 cities. Tax, audit and consulting specialty practice areas for Novogradac include affordable housing, opportunity zones, community development, historic rehabilitation and renewable energy.
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SOURCE Novogradac
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