Historic Tax Credit

Overview

The Historic Tax Credit (HTC) program has made it possible for historically significant buildings and districts to be preserved, rehabilitated, repurposed, and enhanced in a manner that strengthens communities and fosters economic growth. BakerHostetler attorneys have represented numerous HTC clients (particularly developers and project sponsors) in rehabilitating nearly all types of structures throughout the U.S., including theatres, hotels, academic facilities and commercial, residential, and mixed-use buildings.

Our professionals work closely with clients to create HTC transaction structures that comply with all technical tax requirements while being mindful of clients’ business and investment goals. We have the ability and experience to handle all aspects of an HTC deal, including transaction structuring and tax planning advice, document preparation and review, financial projection analysis, financing, real estate and corporate consultation, along with recognized capabilities in collateral areas such as environmental law and exempt organizations. Many of our HTC engagements involve complexities such as tax-exempt entity involvement, the utilization of multiple types of tax credits (e.g., federal historic tax credits, state historic tax credits and New Markets tax credits) and other forms of subsidy, such as tax increment financing, state, local and county government grants and other incentives. Therefore, our professionals have the knowledge and experience necessary to navigate these complexities and optimize results while meeting clients’ individualized needs.

Our attorneys are at the forefront in the field of HTC transactions. We are regular sponsors and speakers at national HTC conferences and also are members of industry groups such as the Historic Tax Credit Coalition. We also have been extensively involved in legislative efforts to preserve and improve the Ohio HTC regime at the state level.

Select Experience

  • Represented the developer in the $120 million historic renovation of the landmark Bedford Springs Hotel in Southwestern Pennsylvania and the $150 million historic rehabilitation of the Book Cadillac Hotel in Detroit, Michigan. These historic rehabilitation projects received widespread recognition in national publications, including The Wall Street Journal.
  • Represented a Cleveland, Ohio non-profit performing arts center in a number of historic tax credit redevelopment projects, including a “phased” rehabilitation of a downtown building consisting of 16 floors of office space along with a performing arts theatre. Some of these HTC projects also utilized state historic tax credits and New Markets tax credits.
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Experience

  • Represented the developer in the $120 million historic renovation of the landmark Bedford Springs Hotel in Southwestern Pennsylvania and the $150 million historic rehabilitation of the Book Cadillac Hotel in Detroit, Michigan. These historic rehabilitation projects received widespread recognition in national publications, including The Wall Street Journal.
  • Represented a Cleveland, Ohio non-profit performing arts center in a number of historic tax credit redevelopment projects, including a “phased” rehabilitation of a downtown building consisting of 16 floors of office space along with a performing arts theatre. Some of these HTC projects also utilized state historic tax credits and New Markets tax credits.
  • Represented the sponsor with respect to a federal and state historic tax credit redevelopment project associated with a liberal arts college located in Northeastern Ohio which covered multiple buildings and consisted of both new construction and the rehabilitation of historic structures.
  • Currently serving as counsel to a real estate development group with respect to its rehabilitation of a multi-story apartment complex in eastern Ohio utilizing both state and federal historic tax credits.

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