Resiliency in Detroit's Jefferson Chalmers Neighborhood

Historic tax credits (HTCs) provide significant benefit to projects but do not come without challenges. As is the case with any construction or development project, additional hurdles can test the patience and resiliency of the project team. Each of these challenges, however, can be offset by the financial incentive of the credit.

This month’s Novogradac Journal of Tax Credits Tool Box article outlines one particular HTC project in Detroit, Michigan that was put to the ultimate test as it pushed toward its completion. The East Jefferson Development Corporation (EJDevCo) began the rehabilitation of two historic apartment buildings in the city’s Jefferson Chalmers neighborhood in 2017. In the seven years since project initiation, EJDevCo encountered a number of unforeseen roadblocks that extended the project schedule and brought unique challenges. Ultimately, though, the rehabilitations resulted in a marketed transformation of the formerly blighted properties.

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PROJECT SPOTLIGHT

Due Diligence in America's Dairyland

In addition to working for developers as the historic tax credit consultant on rehabilitation projects, Heritage also serves as a Due Diligence consultant for investors and lenders. In this role, Heritage team members review the historic tax credit applications prepared by other consultants and monitor construction to ensure any outstanding issues are addressed and resolved.

In Fond du Lac, Wisconsin, Heritage partnered with Cinnaire to perform Due Diligence services for two rehabilitation projects: the historic Northern Casket Company building (left) and the historic Winnebago Cheese Company building (right). In operation on site from 1905 to 1962, the Northern Casket Company evolved from an early producer of wooden caskets to one of the leading concerns of its kind in the country. The Winnebago Cheese Company was an important wholesale cheese distributor on site from 1914 to 1957. Under Heritage’s oversight, both projects successfully converted these formerly vacant buildings to affordable housing utilizing historic tax credits.

Additional Projects

HTC NEWS

Advanced HTC Education Opportunities

This month and into April, the National Park Service (NPS) is hosting webinars for consultants, architects, developers, and other frequent users of the historic tax credit program to educate on strategies to avoid project holds and delays. Heritage staff attended the in-person training in Washington, D.C. last fall, which was a great way to connect with reviewers and our industry colleagues, and is currently attending the webinars. We are thankful that the NPS is continuing to make this information accessible through online webinars so frequent users across the country can stay up-to-date with the most recent guidance.

Our Services

TEAM UPDATE

Celebrating Preservation in Illinois

Heritage is proud to sponsor Landmarks Illinois and their preservation advocacy. Last month, our team members attended the organization’s annual Preservation Forward fundraiser and celebrated the 2024 Landmarks Illinois Influencers. Congratulations to all on a wonderful event! We are excited to continue working on historic tax credit projects in Illinois and throughout the Midwest.

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