Novogradac Announces 2020 Historic Rehabilitation Awards Winners

Novogradac Journal of Tax Credits will Honor Excellence in Historic Preservation at the Novogradac 2020 Historic Tax Credits Virtual Conference Sept. 24-25

SAN FRANCISCO (PRWEB) September 21, 2020

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.
###

For the original version on PRWeb visit: https://www.prweb.com/releases/novogradac_announces_2020_historic_rehabilitation_awards_winners/prweb17412976.htm

Posted In:

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.