The federal HTC program has helped revitalize communities by encouraging the flow of private funds to facilitate the rehabilitation of historic buildings. Under the program, the costs of rehabilitation and restoration of certified historic properties are subsidized by transferring HTCs from project sponsors to third parties, which may include national banks and federal savings associations. The National Park Service within the U.S. Department of the Interior and the Internal Revenue Service jointly administer the Historic Tax Credit Program in partnership with State Historic Preservation Offices.
National Park Service
- U.S. Department of the Interior, National Park Service (NPS)
The National Park Service (NPS) administers the Historic Tax Credit program jointly with the Internal Revenue Service (IRS) and in partnership with State Historic Preservation Offices (SHPOs). They offer a wealth of resources including:
U.S. Department of the Treasury, Internal Revenue Service (IRS)
- Rev. Proc. 2014-12
This revenue procedure establishes the requirements (the safe harbor) under which the Internal Revenue Service will not challenge partnership allocations of Section 47 rehabilitation credits by a partnership to its partners.
- "Income Inclusion When Lessee Treated as Having Acquired Investment Credit Property," 81 FR 47739 (PDF) (July 22, 2016)
- Tax Aspects of Historic Preservation Frequently Asked Questions
Industry Organizations and Professional Associations
National Conference of State Historic Preservation Officers (NCSHPO)
NCSHPO is the professional association of the state government officials who carry out the national historic preservation program as delegates of the Secretary of the Interior pursuant to the National Historic Preservation Act of 1966, as amended (NHPA) (16 USC 470). The NHPA provides for the designation of a State Historic Preservation Officer (SHPO) in each state.
National Housing & Rehabilitation Association (NH&RA)
NH&RA is an association for professions in the historic rehabilitation, affordable housing, new markets, and renewable energy tax credit programs. In addition, the association produces Tax Credit Advisor publications for organizations interested in financing tax credit projects.
National Trust for Historic Preservation
The National Trust for Historic Preservation is a private, nonprofit membership organization dedicated to saving historic places and revitalizing America's communities by providing industry leadership, education, advocacy, and resources.
- The Historic Rehabilitation Tax Credit Recapture Survey
The National Trust for Historic Preservation commissioned this study to determine the frequency and amount of recapture that investors have experienced with the federal historic rehabilitation tax credit (HRTC). The study was conducted using an on-line survey of a group of HRTC investors that have made significant investments. Respondents indicate that of the total HRTCs claimed, they have experienced a recapture rate of less than three-quarters of one percent over the past 10 years.
- National Trust Community Investment Corporation (NTCIC)
The National Trust Community Investment Corporation (NTCIC) makes equity investments in real estate projects that qualify for federal historic tax credits and other tax credit transactions. This site includes an interactive tax credit guide to walk through the three stages of utilizing historic tax credits: Qualifying, Earning, and Redeeming. The site also offers a tax credit calculator, to discover the value of the tax credits generated by a project.
Novogradac Historic Tax Credit Resource Center
The resource center offers information on IRS rulings, legislation, studies and reports, and breaking news on Historic Tax Credits.
- Community Developments Fact Sheet: Historic Tax Credits (October 2019)
This Community Developments Fact Sheet summarizes certain aspects of the historic tax credits (HTC) program for national banks and federal savings associations (collectively, banks) and explains how HTCs may be used to support a bank's affordable housing and community development strategies.
- Community Developments Insights: Historic Tax Credits: Bringing New Life to Older Communities (October 2019)
This Community Developments Insights report describes how this tax credit program operates, outlines the risks and regulatory considerations of participation in the program, and discusses how investments in these tax credit transactions by banks may be considered under the Community Reinvestment Act.