Founded in 1789, North Carolina is one of the oldest states in the country. Given their rich history, there are a plethora of historic buildings, structures, and sites being put on the National Register of Historic Places. Of the approximately 2,900 total listings in North Carolina, about 540 are historic districts, some of which contain hundreds of contributing historic buildings or sites. According to North Carolina’s Historic Preservation Office, “From 1976 through December of 2014, 1,398 National Register properties in North Carolina were rehabilitated under state and federal historic preservation income-producing tax incentive programs, representing an investment of over $1.69 billion in National Register properties in the state.” This investment is not stopping anytime soon with North Carolina Governor, Roy Cooper, extending the state’s Historic Tax Credits to January 1, 2030. This ensures that developers, investors, and preservationists will be able to utilize this tax incentive through the end of the decade. With all the historic tax credit incentives in the North Carolina market, it is more important than ever to utilize these tax credits and manage your construction risk to save you time and money.
Historic Tax Credits Application
As discussed in our blog, ‘The Demand for Historic Tax Credits (HTC) and The Intricacies of HTC Projects’, Historic Tax Credits are tax incentives offered by the local and federal governments to help finance the rehabilitation of historic buildings. To be able to qualify for these tax credits you must meet certain requirements and go through an application process. Broken into 3 parts, the application and approval process may seem daunting, but with a construction consulting company such as Moran Consultants on your side, we can help manage specific construction-related requirements of the HTC Program.
How Moran Consultants Can Help
Moran Consultants has conducted upfront due diligence reviews and/or construction loan monitoring of 100+ HTC projects across the nation. We review the NPS scope items during pre-construction and throughout construction itself, reporting on adherence of the work to the Department of the Interior’s Standards for Rehabilitation. Additionally, we are actively working alongside many of the nation’s prominent Historic Preservation Consultants, such as Heritage Consulting Group, to ensure timely resolution of any scope-related issues as soon as they arise. If you need help managing risk on your next HTC project, give us a call at 866-545-3350 or contact us online to learn how Moran Consultants can help.
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