We Did It! (formerly titled "Fingers Crossed"
As we were preparing to send this e-newsletter, our legislative consultant called us with the good news that the $50 million annual cap for the Massachusetts Historic Rehabilitation Tax Credit (MHRTC) had been increased by $5 million today!
In 2006 the state legislature voted to increase the annual cap of the Massachusetts Historic Rehabilitation Tax Credit (MHRTC) program from $15 million to $50 million. They knew that the program was critically important to projects in our historic communities, especially our gateway cities. Since then, this incredibly popular program has come close to seeing a much-needed cap increase, to no avail. Preservation Massachusetts, along with many partners statewide, has worked every year to increase the annual cap so that more projects can utilize this important program.
And today, that increase has become a reality! Through the work of Senate President Harriet Chandler, a $5 million MHRTC cap increase was included in the Senate Housing Bond Bill, and when conferenced with the House version, remained in the final version which Governor Charlie Baker signed on May 31st as part of An Act Financing the Production and Preservation of Housing for Low and Moderate Income Residents (H 4536). Many thanks to Senator Chandler, Governor Baker, and all our partners and colleagues across Massachusetts for their assistance and advocacy on behalf of this important program and cap increase!
Just two of the hundreds of successful historic tax credit projects in Massachusetts
(top), the Hanover Theatre in Worcester.
(bottom), The Oscar Romero House in New Bedford.