BOSTON--(BUSINESS WIRE)--Preservation of a registered historic landmark in Lowell, Massachusetts has begun following completion of pre-development funding for the Lowell Legacy Hotel. The funding was arranged by the Cherrytree Group of Newton, Massachusetts.
After purchasing our own historic building at 287 Auburn Street, Newton, Massachusetts in late September of 2017, we were anxious to begin rehabilitation of the building and move into our new home.
The most common form of wealth stems from active income, money earned from performing a service. This is capital made from but is not exclusive to jobs providing salaries, tips, or commission. But many times, the public hears of enigmatic stories about immense financial growth through various means of passive income.
These are exciting times in the tax credit world! In addition to tax cuts, the 2017 Tax Reform brought about other significant changes, including “Opportunity Zones”, which are a new concept that can potentially link tax credit projects and capital gain deferrals in a single deal.
Most towns in America have more than a few run-down, abandoned buildings. They sit as eyesores on Main Streets while the community watches — or tries to ignore them. They require too much time and investment to attract developers to restore them.
BOSTON –Cherrytree Group, LLC, (“Cherrytree”) a Newton Massachusetts tax credit advisory firm has announced the closing and funding of two (2) historic rehabilitation projects in Massachusetts. Cherrytree closed the state and federal tax credit equity financing of the projects using its Preserve & Renew (“P&R”) branded partnerships, which raised over $2 million in tax credit equity from individual investors.
Following the release in late July of Proposed and Temporary Regulations by the IRS on the long awaited 50(d) issue that affects the structuring of historic tax credit transactions, Novogradac's 2016 Historic Tax Credit Conference on September 20-22 was certainly a well timed event. The Conference, which was very well attended, covered the 50(d) issues, as well as other pertinent tax credit issues. I attended the Conference and felt that it was a well presented, thought provoking, and beneficial industry event. The City of Cleveland, and it's people are very welcoming, the revitalized downtown area was comforting and warm. It was good to see colleagues and friends from the tax credit industry, to re-connect with others, and to share some laughs, good food and wine.
The second of the Cherrytree series of blog posts designed to highlight some recent tax credit news.
Rehabilitating a historic property requires strict compliance with more building regulations than would be necessary for ground-up construction. Although a historic rehabilitation involves increased costs, a developer can secure both state and federal tax credits that, when combined, can recover up to forty percent (40%) of the construction budget. So, how can you use these incentives to aid your next financial project?