By Robert M. Steeg
If you are tired of hearing about how Louisiana ranks at or near the bottom of various categories of social and financial programs, you will be heartened by the following article, “Louisiana Dominates the Southeast in Historic Rehabilitation Tax Credit Projects,” which reveals that the state ranks at or near the top of the entire country when it comes to historic rehabilitation of commercial buildings.
Produced by the Division of Historic Preservation of the Louisiana Office of Cultural Development, and published recently in the Preservation in Print magazine of the Preservation Resource Center of New Orleans, the article provides an excellent description of the historic rehabilitation tax credit programs that are available from both the federal government and the State of Louisiana.
The federal (20%) and state (25%) historic rehabilitation tax credits provide a powerful economic stimulus for redevelopment of historic structures. As described in this article, the State of Louisiana has a very effective administrative office that is able to process all of the various applications and forms that are needed in order to qualify. And, of course, the State of Louisiana, and New Orleans in particular, have an ample stock of buildings that are either located in historic districts or are individually certified as historic, providing a fertile ground for these tax credit programs.
Many of our clients take advantage of these programs, whether for multi-family projects, office buildings, or mixed-use facilities, and our firm has participated in numerous historic rehabilitation projects throughout southeastern Louisiana.
Please feel free to contact me to discuss any questions you may have about Louisiana’s historic rehabilitation tax credit programs.
Louisiana Dominates the Southeast in Historic Rehabilitation Tax Credit Projects
By Alison Saunders, Division of Historic Preservation
Preservation means business here in Louisiana, and the ongoing success of the historic rehabilitation tax credit programs shows just how serious the state is about this business. From July 1, 2014 to June 30, 2015 (state fiscal year 2014 – 2015), more than $402 million was invested in Louisiana’s historic and income-producing buildings, marking the second-highest rated year in state history of the program dollar-wise (second only to Hurricane Katrina recovery in 2008), and placing Louisiana seventh in the nation in dollars invested in historic rehabilitation tax credit projects. In the southeast, Louisiana’s program use is tremendously ahead of all other states.