Historic Tax Credits
Future Unlimited Law PC represents developers, allocatees, bridge lenders, and investors nationwide in the historic tax credit (HTC) financing of the rehabilitation of commercial, mixed-use and residential rental property, including transactions financed with a combination of HTC and new markets tax credits (NMTC), the opportunity zone incentive, and other federal, state, local and conventional financing.
Our services include:
- Evaluating eligibility
- Forming and structuring entities
- Negotiating debt and equity financing agreements
- Consulting as HTC co-counsel
- Issuance of tax opinions
- Post-closing compliance
Representative Transactions
Photo: Courtesy of First America
Market Square – Cincinnati, Ohio
Assisted Local Initiatives Support Corporation, in its capacity as HTC bridge lender, source leverage lender, and as allocatee, in the combined federal and state NMTC and HTC financing of the rehabilitation of 12 buildings, including 23 apartments, with 6 affordable units, 10 for-sale residential condominiums, and 47,576 square feet of office and retail space located in the Over-the Rhine neighborhood, adjacent to Findlay Market.
619 Western – Seattle, Washington
Represented L & B Property Investments LLC, the developer, in the Historic Tax Credit financing of the rehabilitation of the 619 Western Building, consisting of 74,505 square feet of office and retail space.
Roshek Building – Dubuque, Iowa
Co-represented the developer, Dubuque Initiatives, Inc., as Historic Tax Credit counsel, in the combined Historic and New Markets Tax Credit financing of the restoration of the former Roshek Brothers Department Store Building, located in the heart of Dubuque’s downtown business district. The project houses an IBM corporation technology service delivery center and retail space. The financing also funded sustainability-oriented job training opportunities for surrounding low-income communities.
Photo: Courtesy of Jeffrey Stolzberg
WaterFire – Providence, Rhode Island
Assisted Local Initiatives Support Corporation, as HTC bridge lender and as the Allocatee, in the combined HTC and NMTC financing of the rehabilitation of a 37,000 square foot historic warehouse, former U.S. Rubber Factory, into a community arts center and headquarters for WaterFire Providence.
WaterFire is a public art display of more than 80 bonfires on three rivers in downtown Providence, attracting more than 10 million visitors.
Historic Park Inn Hotel – Mason City, Iowa
Co-represented the developer, Wright on the Park, Inc., as HTC counsel, in the combined HTC and NMTC financing of the restoration of the Historic Park Inn Hotel and City National Bank Building.
The buildings, designed by American architect Frank Lloyd Wright, operate as a 27-room hotel and conference center. The Park Inn Hotel is the only remaining Wright-designed hotel in the world.
Convention Plaza – Portland, Oregon
Represented Bridgehead Development, LLC, the developer, in the Historic Tax Credit financing of the rehabilitation of Convention Plaza, consisting of 80,655 square feet of office/workspace, retail space and restaurants.
Big Mill Apartments – Reading, Pennsylvania
Served as HTC co-counsel to the developer in the combined HTC and NMTC financing of the restoration and conversion of the historic Curtis & Jones Shoe Factory Building into a mixed-use facility consisting of residential rental units and commercial space.