Stonehenge Capital participated as a partner in a historic tax credit project highlighted by the National Park Service in its annual report released this week.
The historic Houma Elementary School in southern Louisiana was recently converted into the Academy Place Apartments, a mixed-income community senior center. Built in 1931, the building was last used as a school in the 1970s and served as a school district administrative office until 2014. The property was vacant until Academy Place Apartments opened in 2017, offering market-rate units and affordable housing for low-income seniors.
In 2017, the Historic Tax Credit made a major impact across the United States, according to the newly released report, “Federal Tax Incentives for Rehabilitating Historic Buildings.” The program generated $5.8 billion in private investment in historic rehabilitation projects in the past year. This led to the creation of 106,846 jobs, according to the National Park Service, which administers the program.
“We are incredibly proud of the transformational projects in Louisiana that have been revitalized through the Historic Tax Credit Programs,” said Whitney LaNasa of Stonehenge. “Rehabilitating historic buildings in underserved communities not only protects our country’s rich history and culture, but it also generates new economic activity, creates jobs and transforms communities into vital economic hubs.”
To read the full report, please click here.