The National Park Service released its 2019 Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2018, which confirms the extensive benefits of the federal HTC, increasing payrolls and production in nearly all sectors of the nation’s economy since 1978. In fiscal year 2018, 1,013 historic rehabilitation projects generated approximately 129,000 jobs, including 47,000 construction jobs and 29,000 manufacturing jobs. NPS reported that many FY 2018 projects involved buildings that were abandoned or underutilized and in need of substantial rehabilitation to return them to, or for their continued, economic viability. One of those projects, the Statler Hotel in Dallas, Texas, financed in part by Stonehenge Capital, is highlighted in the Report.
The federal HTC supports projects of various sizes in communities both rural, urban, small and large. Almost half of all projects in FY 2018 were under $1 million, and 18% were under $250,000; a quarter of all projects in FY 2018 were located in communities with a population under 50,000 and 15% in communities with a population under 25,000.
As Stonehenge Capital celebrates our 20th anniversary, we share in the success of the federal HTC – its impact nationwide and in Louisiana, Texas, New York and Ohio. For nearly 10 years, Stonehenge Capital has invested in historic rehabilitation projects utilizing the federal HTC alongside state historic tax credit programs, creating jobs and turning blighted structures into economic engines in Main Street Communities.
With historic tax credit investments in more than 19 states, Stonehenge Capital is a nationally recognized marketplace leader in federal and state historic tax credits. Since 1993, the projects we have invested in across the United States have generated $4.0 billion in various federal and state incentives without having a single incentive recaptured. Our core business is to provide sponsors and developers with capital solutions and to assist institutional investors in identifying, structuring, underwriting, closing and managing portfolios of incentive-based investments. Our expertise keeps the process simple and ensures we add value for all stakeholders throughout the entire incentive process.