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2170 Gilbert Avenue, Suite 100 Cincinnati, Ohio 45206 Tel 513.559.0048 Fax 513.559.0840.

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Presentation on theme: "2170 Gilbert Avenue, Suite 100 Cincinnati, Ohio 45206 Tel 513.559.0048 Fax 513.559.0840."— Presentation transcript:

1 2170 Gilbert Avenue, Suite 100 Cincinnati, Ohio Tel Fax

2 Layering Historic Credits with LIHTC 9/25/2008

3 Currently Historic Equity pricing higher than LIHTC Historic basis is deducted from the LIHTC basis Layering helps offset the cost of the Section 106 findings High rehab standards for historic encourage affordable housing development that is indistinguishable from market rate Pros

4 Occasional conflicts between Historic preservation and the QAP. –ADA, Universal Design, Features, etc… Risk of upfront Part 1 application costs being lost if the LIHTC application is not funded. In some cases, the cost of historic compliance is greater than the incremental construction cost. Windows: High energy costs vs. the aesthetics of storm windows. Cons

5 Cincinnati and Northern Kentucky have several historic districts, many of which are plagued by poverty and neglect Selection tends to be driven by neighborhood revitalization rather than individual buildings Selection Process

6 Is there demand? Does it contribute to a larger revitalization effort? Does the operating budget work? Can enough money be raised to cover renovation and operational expenses? –Am I eligible for historic credits? (Fed or State) –Am I competitive enough to move forward with LIHTC Part 1 app? –Are other sources of gap financing available? Need

7 Academy Flats


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