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Public housing may not be the first place that comes to mind when you think of a historic building. But if a public housing structure is at least 50 years old, you may be eligible to use Historic Tax Credit (HTC) equity to update it.
The HTC program is an option for financing Rental Assistance Demonstration (RAD) conversion projects. These projects can involve complex financing structures, multiple approvals and lots of time, so it’s important for developers and housing authorities alike to keep these five tips in mind.
In many cities, public housing is decades old and needs updating. Given the complexity of these projects, time is of the essence. Begin talking to historic preservation consultants and housing authorities about your rehabilitation plans as soon as possible.
Public housing should be built to last, regardless of ongoing funding. So you want to do more than update amenities. Consider future advancements, such as:
Your banking team can do more than outline HTC certification for you; it can also help you determine the best financing options for your project. For example, if your project includes a daycare center, clinic or other community facility, it may qualify for New Markets Tax Credit equity. Likewise, you may be able to finance your project through Low Income Housing Tax Credit, agency lending, and bridge and permanent lending. Your banking team can also connect you with tax advisors, consultants and other experts.
It’s possible to improve your energy efficiency and preserve historic elements. HTC financing frequently requires that you preserve buildings’ facades, windows and interior entryways and lobbies. As a result, you can’t add updates such as energy-efficient windows or exterior cladding, which change a building’s exterior. You can, however, make updates that don’t affect historic elements, such as upgrading interior building systems and installing LED light bulbs and energy-efficient appliances.
A lot of public housing was built before the Americans with Disabilities Act (ADA) passed in 1990, and properties may need renovations to be ADA compliant. These renovations take precedence over HTC requirements. For example, if your project requires that you build accessibility ramps or add signs in Braille, you’ll need to make those updates, even though they alter the building’s historic character. Be sure to factor in time and money to make necessary changes.
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As many employees continue working hybrid schedules, retail centers in densely populated urban and suburban areas are seeing a jump in sales—regardless of market conditions.
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When will the crisis in U.S. housing affordability end – and how?
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We think rising incomes can break the U.S. housing market’s logjam nationally in about 3.5 years – but for large cities, we see an average of over five years. Here’s why.
2:45 - Real Estate
Sole purpose: An old shoe factory is helping grow a neighborhood
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The Fortress has been a fixture in Milwaukee for over a century. And thanks to the Historic Tax Credit program, it’s ready for its next chapter.
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Taking a responsible approach to permanent supportive housing
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From coast to coast, JPMorgan Chase works with developers and managers doing permanent supportive housing right.
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Tackling New York City’s housing crisis one unit at a time
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Concern Housing and JPMorgan Chase are working hand in hand to provide affordable, supportive housing to the city’s most vulnerable.
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Meet the people behind Community Development Banking’s investments
Nov 08, 2023
JPMorgan Chase Community Development Banking ties financial value to social impact—no matter how complex the project. See how our work directly impacts Community Development Financial Institutions and their funding recipients.
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How a government shutdown could impact multifamily
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The longer the government shuts down, the greater the impact on the economy and commercial real estate—especially multifamily.
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