The percentage of historic buildings in Maine is one of the highest in the country, with these buildings comprising a significant proportion of the state’s real estate portfolio. For years many communities and building owners were faced with trying to repurpose vacant mill buildings, abandoned schools, and other historic buildings whose original purposes were obsolete and adaptive uses not feasible. The passage of the Maine Historic Rehabilitation Tax Credit in 2008 has provided a new tool to recalibrate pro formas for income-producing projects. The 25% state credit is also paired with an additional 20% federal historic credit. Since 2008, 62 privately developed historic rehabilitation projects using these credits and investing more than a third-of-a billion dollars have been completed or are under construction in Maine.
What buildings are eligible for these tax credits? What are the rehabilitation requirements? Which buildings have used the credits and for what purposes? How is the financing for various projects structured? What are the requirements and limitations? This program will outline the key elements of the credit, provide examples of how it has been used and how projects have been financed, discuss the tax consequences for the users and reveal the results of the just-completed economic impact report from Planning Decisions and Maine Preservation.
Join MEREDA for breakfast on April 14, 2015 from 7:30 - 9:00 AM at DaVinci’s Eatery in the Bates Mill Complex in Lewiston to learn how Maine’s Historic Tax Credit has transformed Historic Rehabilitation in the State.
Meet our Panelists:
Kevin Bunker founded Developers Collaborative with Richard Berman after graduating with distinction from the Harvard University Graduate School of Design with a Master in Urban Planning degree. A former municipal planner and lobsterman in the Rockland area, Kevin is a principal on current DC projects from Orono to Biddeford. Kevin brings experience in complex financing models including tax increment financing, use of tax credits, and other public-private partnerships. Kevin is also an activist promoting the causes of smart growth and downtowns at the state and local level, including as a past board chair of GrowSmart Maine and as a Steering Committee member of the Maine Affordable Housing Coalition.
Greg Paxton joined Maine Preservation (MP) as executive director in 2008. He helped lobby for the passage of the Maine Historic Rehabilitation Tax Credits in 2008 and their extension in 2011, and has led development of two economic impact studies with Planning Decisions documenting their success. MP is currently working on the sale of 10 historic properties through its Revolving Fund, and has provided assistance to 500 preservation projects in Maine since 2009.
Greg is a past Trustee of the National Trust for Historic Preservation as founding Chair of its affiliate Statewide and Local Partners; and past Chair of Preservation Action, the national lobbying organization. He served on the Board of Directors, CEI Capital Management LLC, the New Markets Tax Credit entity and on the Communities for Maine’s Future Review Panel. He serves on the Maine Downtown Center Advisory Council.
He is a graduate of Williams College with a MA in historic preservation from the University of Vermont.