The “Historic Property Reinvestment Act” provides tax credits for part of the cost of rehabilitating historic properties in this State.
Some pertinent terms defined in the bill include:
“Project financing gap” Part of the total cost of rehabilitation, including reasonable and appropriate return on investment, that remains to be financed after all other sources of capital have been accounted for, including, but not limited to:
- Developer contributed capital, not less than 20% of the total cost of rehabilitation.
- Investor or financial entity capital or loans that the developer, after making all good faith efforts to raise additional capital, certifies cannot be raised from other sources.