T a x C r e d i t F i n a n c e
Copyright 2009 © Kasper Mortgage Capital, LLC
Known as the Lord Fairfax House, this home was erected in 1800 as the residence of the ninth Lord of Fairfax. It is the largest private home in Alexandria, Virginia. This property qualified for the Virginia State Historic Rehabilitation Tax Credit in 2007 after incurring nearly $2 million in renovation expenses.
The Burrell Center, formerly known as the Burrell Memorial Hospital, served the African-American community in Roanoke, Virginia from 1914 until 2002. After receiving a complete renovation in 2004, the fully-rehabed facility now provides outpatient care to persons with mental and substance abuse issues. Total project costs were approximately $12 million. The Burrell Center qualified for Federal and Virginia Historic Rehabilitation Tax Credits and for the Enterprise Real Property Improvement Tax Credit.
Northern Heights Apartments is a multifamily LIHTC and historic complex located in Springfield, Massachusetts. The project consisted of the acquisition and renovation of 148 rental units. The property qualified for federal and state LIHTC and Massachusetts Historic Rehabilitation Tax Credits in 2008.
Listed on National and State Registries of Historic Landmarks, The Cathedral of the Sacred Heart celebrated its 100-year anniversary in 2006. In 1903, the Richmond Diocese commissioned New York architect, Joseph McGuire, to design a new cathedral based upon traditional Italian Renaissance architecture and following the lines of the Latin Cross. Interior and exterior renovations exceeded $5 million and qualified for the Virginia Historic Rehabilitation Tax Credit in 2008.
Originally constructed in the early 1900s by the R. J. Reynolds Tobacco Company, the Prizery, located in South Boston, Virginia, served as a warehouse for pressing (called “prizing”) tobacco into large wheels in order to facilitate shipment. After the downturn in the local tobacco industry in the 1960s, this magnificent building sat empty for more than 30 years. During a two-phase renovation that began in 2001, this building has been converted into a community arts and education center. Total projected costs were approximately $9 million. Both Federal and Virginia Historic Rehabilitation Tax Credits were received.
Constructed in 1855, the Lynchburg City Courthouse in Virginia stands as an exciting example of Greek Revival architecture. Renovated at a cost of $3 million, the Courthouse now serves as a museum for the City of Lynchburg. This project qualified for the Virginia Historic Rehabilitation Tax Credit and for the Enterprise Real Property Improvement Tax Credit in 2004 and 2005.
Located in the historic Church Hill neighborhood of Richmond, Virginia, this turn-of-the-century warehouse now serve the affordable housing needs of 300 seniors. In addition to qualifying for Virginia State and Federal Historic Rehabilitation Tax Credits, Church Hill House also received a $13 million allocation of Low Income Housing Tax Credits from the Virginia Housing Development Authority in the 2005 allocation round. Total projected costs exceeded $22 million.
Warehouse Row, located in Roanoke, Virginia, originally served as a railroad freight storage facility more than 100 years ago. After a complete renovation in 2003, the building now serves as a high-tech business center for start-up companies. This property qualified for $2 million in Federal and Virginia State Historic Rehabilitation Tax Credits and for the Enterprise Real Property Improvement Tax Credit.
The Gaylord-Pickens Oklahoma Heritage Center (formerly the Mid-Continental Life Insurance Company headquarters) was renovated at a total project cost of $21 million and is now home to the Oklahoma Heritage Association, a non-profit organization dedicated to preserving Oklahoma heritage. The adaptive reuse of this historic property qualified for Oklahoma State and Federal Historic Rehabilitation Tax Credits in 2007.
Located in the Dallas Central Business District, the Moreland Building was constructed in the 1930s with support of the African-American community and offered the city’s only accommodation to black travelers during the era of segregation. Muhammad Ali and Thurgood Marshall were among some of the prominent guests. Renovated at a cost or more than $10 million, it now serves as the home of the Dallas Black Dance Theatre.

This cultural and architectural landmark is being restored to bring the arts, education, history and recreation to the residents of Fairfax County, Virginia. Located along Route 123, near the historic town of Occoquan, this former prison will be transformed into a 55-acre cultural arts campus that will include artist’s studios, galleries, event centers, theaters, classrooms and a heritage museum. Additional facilities, including restaurant and entertainment venues, will be added later. Total development costs for the first two phases were approximately $35 million, generating about $9 million in Virginia State Historic Rehabilitation Tax Credits.

This building was designed in 1919 by the renowned Richmond architect, Albert F. Huntt, and is one of the best surviving examples of an early 20th century automobile dealership. Originally operating as the Atlantic Motor Company, the site was used for several businesses until the building was abandoned in the 1980s. After undergoing a $3 million renovation, it now serves as office space for professional tenants. Both Federal and Virginia State Historic Rehabilitation Tax Credits were received.
Originally constructed in 1915, the Engine Company No. 15 Firehouse, located in the Highland Park neighborhood of Richmond, Virginia, has been transformed into a commercial incubator for small business entrepreneurs. Considered a "rare example of Craftsman architecture," the building has been designated as a national and state historic structure. The property qualified for Virginia State and Federal Historic Rehabilitation Tax Credits in 2007.
The Lofts at Main and Temple is a mixed-use development centered on a 120-year-old historic structure that was last used as the Sage Allen Department Store in downtown Hartford, Connecticut. The development contains ground floor retail space with 78 market-rate residential units on the upper floors. Total project costs exceeded $50 million. This property qualified for Connecticut Historic and Federal Historic Rehabilitation Tax Credits.
Museum Park Apartments consists of 114 affordable housing units for seniors. The rehabilitation was completed in two phases over the course of three years. Total development costs exceeded $13 million. This property qualified for federal and state LIHTC and Massachusetts Historic Rehabilitation Tax Credits.
Ware Shoals, South Carolina - The Historic Ware Shoals Inn
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The Ware Shoals Inn, erected in 1923 by the Ware Shoals Manufacturing Company, always played a prominent role in the community. Its design was influenced by the textile company and incorporated many elements of the Arts and Crafts movement and Colonial Revival architecture. The original Inn, used by visiting salesmen and business partners of the local textile industry, featured 52 bedrooms, each with a private bath and kitchen, meeting rooms and a public dining facility. After a $5 million renovation, the Inn has been converted into a 23-unit senior property with one- and two-bedroom apartments and large common areas. This property qualified for three credits - South Carolina Textile Tax Credit and State and Federal Historic Rehabilitation Tax Credits.
Constructed in the 1890s, the Export Leaf Tobacco Building now serves as the focal point for education in Southern Virginia with 75 degree programs from 11 public and private colleges and universities. After a $7.5 million adaptive reuse, the building now contains classrooms, laboratories, high-speed computer access, the Center for Nursing Excellence and the Advanced Manufacturing and Technology Laboratories. This property qualified for the Virginia State Historic Rehabilitation Tax Credit, which KMC completed in 28 days from Part 1 submission to funding.
South Boston, Virginia - Southern Virginia Higher Education Center
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The Harrison County Historic Courthouse is one of the most admired and prominent buildings in Texas. It was constructed in 1901 and designed by noted architect J. Riley Gordon and is considered an outstanding example of Beaux-Arts style architecture. After a $14 million adaptive reuse, the building will be placed in service for use by Harrison County, the Harrison County Historical Museum and Federal District Courts. The courthouse qualified for the Federal Historic Rehabilitation Tax Credit and funding through the Texas Historic Courthouse Preservation Program.
Marshall, Texas - Harrison County Historic Courthouse
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Springfield, Massachusetts - Museum Park Apartments
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Hartford, Connecticut - Lofts at Main & Temple
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Richmond, Virginia - Engine Company No. 15 Firehouse
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Richmond, Virginia - Atlantic Motor Company Building
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Dallas, Texas - Dallas Black Dance Theatre
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Fairfax County, Virginia - Lorton Workhouse Arts Center
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Alexandria, Virginia - Private Residence
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Roanoke, Virginia - The Burrell Center
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Springfield, Massachusetts - Northern Heights Apartments
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Richmond, Virginia - Sacred Heart Church
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South Boston, Virginia - The Prizery
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Lynchburg, Virginia - Lynchburg Courthouse
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Richmond, Virginia - Church Hill House
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Roanoke, Virginia - Warehouse Row
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Oklahoma City, Oklahoma - Oklahoma Heritage Center
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Stuart, Iowa - Historic All Saints Church
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The Historic All Saints Catholic Church, located in Stuart, Iowa, is a rare example of Byzantine architecture found in the Midwest. Designed by the Boston firm of Maginnis & Walsh in 1908, it was loosely modeled after St. Mark’s Basilica in Venice, Italy. After a $5 million adaptive reuse, the building will be placed in service as a community cultural center and education facility to teach tolerance and understating of different religious beliefs. This property qualified for the Federal Historic Rehabilitation Tax Credit and funding through the Iowa State Historic Preservation and Cultural & Entertainment District Tax Program.
Phase 1 of the Douglas Block Revitalization is the rehabilitation of six historic buildings that originally served as the center of the African-American business district in downtown Rocky Mount, which was placed in service in December 2010. The newly-renovated buildings will provide quality space for retail, commercial and entertainment needs. A residential component is contemplated for the upper floors. The second phase will include new construction infill buildings and up to 100 new housing units. The buildings qualified for state and federal historic tax credits and also an allocation of New Market Tax Credits.
Rocky Mount, North Carolina - Douglas Block Revitalization
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Constructed in the 1890s, the American Tobacco Warehouse Building now serves as the focal point for education and job retraining in Southern Virginia. The ATW Building is one of three historic structures on the Halifax Educational Foundation Campus in South Boston. After a $12 million adaptive reuse, the ATW Building now contains classrooms, laboratories, high-speed computer access and an Innovative Center for advancing manufacturing technology. This property qualified for Federal and Virginia State Historic Rehabilitation Tax Credits.
South Boston, Virginia - Halifax Educational Foundation
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Cohoes, New York - Harmony Mills
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The Harmony Mills development was the largest cotton mill complex in the world when it opened in 1872 and is considered one of the finest examples of a large-scale textile mill outside of New England. The first phase opened in 2005 with 96 high-end market rate rental units. The second phase contains 135 apartments and includes such amenities as underground parking, business center, fitness areas and an indoor swimming pool. The second phase was completed in December 2010 after a $32 million adaptive reuse with more than one-third of the units pre-leased. Harmony Mills qualified for the Federal Historic Rehabilitation Tax Credit and the newly-enhanced New York State Rehabilitation Tax Credit Program. Total state and federal tax credits exceeded $10 million.
Fairfax County, Virginia – Lorton Workhouse Arts Center
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This cultural and architectural landmark is being restored to bring arts, education, history and recreation to the residents of Fairfax County, Virginia. The first phase of the project was completed in 2007-2008. The second phase, completed in 2011, included the rehabilitation of the largest dormitory and adjacent ball field. The former dormitory was rehabilitated to provide children’s classrooms, theatrical events and various play areas. A third phase is planned for completion in 2012.