Our vertically integrated team of in-house professionals internally manage our own portfolio of properties, investments, loans and development projects. This platform has successfully completed over $1.5 billion of tax credit transactions, $3 billion in real property transactions and today runs the company's robust and diverse privately held portfolio of more than 2.5 million square feet.
Historic Tax Credits
To date, the Historic Tax Credit division of Consortium Capital has placed over $300 million in equity into over $1 billion of historic rehabilitation nationwide. Since 1976, the Federal Historic Tax Credit program has offered developers a highly beneficial subsidy (a dollar for dollar reduction of Federal Income Tax Liability) in order to encourage the preservation of historic buildings. The National Park Service, in conjunction with the IRS and State Historic Preservation Offices, administers the program.
Section 47 of the internal revenue code allows for:
A 20% tax credit of Qualified Rehabilitation Expenditures (QREs) for substantial rehabilitations of income-producing historic buildings, and a 10% tax credit of QREs for substantial rehabilitations of non-historic, non-residential buildings built before 1936. A substantial rehabilitation is defined as rehabilitation with QREs during a 24 or 60-month period that exceed the adjusted basis of the building (purchase price and capital improvements minus value of the land and depreciation previously claimed).
In addition to qualifying for Federal Historic Tax Credits, many projects also qualify for State Historic Tax Credits. As many as 30 States offer State Historic Tax Credits, although the types, amounts, and qualifications for the credits vary from state to state. Please visit our Consortium Capital page here to see which states offer Historic Tax Credits.