Very small historic rehabilitation tax credits pose many challenges: the tax credits can be hard to use/syndicate, application review times can substantially impact project timelines, and owners may have limited familiarity with the tax credit process. The owner of the Security Building in the University/Raymond Historic District in Saint Paul wanted to undertake masonry repair on the historic building and sought guidance in pursing tax credits and identifying a qualified contractor.
PVN worked with the owner of the Security (“Upham”) Building to identify a masonry contractor, prepare the tax credit application documentation, and obtain local HPC approvals for the project. PVN also facilitated introductions to qualified accountants that helped the owner certify the project.
The masonry repair at the Security Building was completed in 2016 and the project was certified in 2017. The project at the Security Building had far-reaching successes: in addition to the owner having access to historic rehabilitation tax credits, when the MN State Historic Preservation Office went to Washington, D.C. to lobby for the historic rehabilitation tax credit program, it profiled the Security Building as one of the program’s success stories!