With the inauguration behind us and a new administration in place, Historic Tax Credit (HTC) advocates anticipate Congress will introduce a new version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO), sometime in February. In 2021, Congress will be considering multiple legislative vehicles that could contain robust tax titles, providing opportunities to enact some or all the provisions outlined in the bill.
The new bill will build on the provisions of the previous HTC-GO bill and the House infrastructure bill “The Moving Forward Act” (H.R. 2). Passed last July, “The Moving Forward Act” included temporary COVID-19 relief to HTC projects distressed by the pandemic, as well as several permanent HTC-GO enhancements to the credit. These provisions will bring relief to distressed projects, unlock new development opportunities -that presently are not feasible, bring more value to the HTC, and contribute to the economic recovery.
HTC Advocacy Events
HTC advocates are encouraged to attend upcoming webinars and virtual lobby days, share COVID-19 related challenges with their federal legislators, and ask them to cosponsor the new legislation upon introduction.
Preservation Advocacy During the First 100 Days of the Biden Administration and the 117th Congress
January 28th at 3pm EST
Webinar hosted by the National Trust for Historic Preservation
Join preservation partners, congressional staff, and National Trust’s staff team for a presentation on the most pressing policy issues facing the preservation community in the months ahead. Advocates will discuss the early priorities of the Biden Administration and the 117th Congress as well as advocacy strategies for preservationists in this new political climate. To register, click here.
Advocate for the HTC Virtually at Preservation Advocacy Week 2021
March 8 – 11, 2021
Virtual conference hosted by Preservation Action & National Conference of SHPOs
This virtual conference will provide a new opportunity for HTC advocates to engage while remaining safe. It will feature in-depth advocacy training, policy briefings, networking opportunities (March 9th). Participants will also be able to participate in virtual Capitol Hill visits and meet with members of Congress and their staff (March 10th). The conference will provide an ideal forum to encourage co-sponsorship and support of the anticipated HTC bill, and share challenges encountered with HTC projects due to the pandemic.
Registration is now live, and to participate in Capitol Hill visits, please register as an “advocate.” Advocates will be connected to state coordinators who will be scheduling and facilitating the virtual Hill visits. If this is your first time participating in the conference, please email Michael Phillips at mphillips@ntcic.com to assist in connecting you with appropriate registration links and individuals coordinating the conference.
Background
As a result of the pandemic, HTC developers and historic preservationists continue to experience challenges in rehabbing historic buildings. The financial markets have slowed to a crawl, making it difficult for projects to access capital, particularly complex historic real estate developments. The increased volatility in the market and project risk is forcing banking institutions to decrease their loan frequency and overall amount, while increasing underwriting requirements. Coupled with overall material and construction costs increasing, many projects are being stalled or are no longer feasible.
Additionally, with COVID-19 impacting municipal budgets, local governments are challenged to fulfill funding and partnership agreements with developers or enter into new agreements that incentivize the revitalization of their community.
Advocates should encourage developers who have HTC projects that have faced challenges, to share these challenges with their federal legislators, and ask them to cosponsor the new legislation upon introduction. Please be ready to ask your members of Congress to cosponsor the emerging legislation when the new HTC bill is introduced.
For assistance contacting your federal legislators on behalf of the HTC, email Michael Phillips, Shaw Sprague, and Patrick Robertson.