Historic Rehabilitation Tax Credit

  • Holland & Knight's Tax Credit Team has handled the largest number of historic rehabilitation tax credit projects in the United States.
  • Members of our team handle all aspects of a tax credit transaction, including structuring, documentation and tax advice.
  • We have extensive experience devising creative tax credit strategies for clients and projects throughout the U.S.

Holland & Knight has more than 30 years experience working on deals involving the Historic Tax Credit Program. The Historic Tax Credit Program is one of the nation's most successful and cost-effective community revitalization programs. Since its adoption in 1976, the program has fostered widespread private sector rehabilitation of historic landmarks and historic districts, and has promoted economic revitalization in many communities across the United States. Our attorneys handle all aspects of historic rehabilitation tax credit transactions, including analyzing and recommending the best structure for the transaction, preparing the organizational documents for the investment vehicles, preparing syndication and related documents, rendering tax advice, working closely with accountants to ensure the proper treatment of the projected tax benefits, issuing tax opinions, and advising as to compliance with federal and state securities laws.

In addition to transactional and structuring work, tax advice and rendering tax opinions, we also review project compliance with standards established by the U.S. Secretary of the Interior; facilitate communications with the National Park Service and State Historic Preservation Officers; review real estate, development and land use issues; analyze structuring issues presented by other tax incentive programs such as the low-income housing tax credit, the new markets tax credit and various state historic rehabilitation tax credit programs; address issues presented by conventional financing sources; research novel tax issues; and communicate with multimember development and financing teams.

We have represented developers, nonprofit organizations, syndicators and investors in connection with the development, rehabilitation and equity syndication of hundreds of historic tax credit projects. These transactions have involved the redevelopment and rehabilitation of a wide variety of historic properties throughout the United States, including commercial office buildings, retail buildings, industrial mill complexes, hotels, affordable and luxury apartment complexes, federally- qualified health centers, museums and stadiums.

Holland & Knight attorneys are active participants in the industry and frequently serve as lecturers on topics related to the historic tax credit. We provide advice and advocacy on issues concerning preservation policy and law, and have contributed to various legislative proposals designed to improve the efficiency and effectiveness of the historic tax credit. We actively participated in meetings with the IRS and the U.S. Treasury Department as they formulated Revenue Procedure 2014-12, the recent "safe harbor" guidance issued in the aftermath of the Historic Boardwalk Hall case, a decision that brought the historic tax credit market to a standstill. We also are actively involved with organizations such as National Trust for Historic Preservation, the National Housing & Rehabilitation Association, the Historic Tax Credit Coalition, the Historic Preservation Development Council and other similar industry groups.