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.
Buffet Breakfast: 7:30 –Â 8:00 AM Â | Â Program: 8:00- 9:00 AM
For more information and to register, visit www.mereda.org.
