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Portfolio Highlights: Historic Tax Credits

Portfolio Highlights: Historic Tax Credits

A strong history of restoring our nation’s architectural heritage.

Since 1988, U.S. Bancorp Community Development Corporation (USBCDC) has invested more than $1.1 billion through federal and state Historic Tax Credit (HTC) programs, helping our partners fill financing gaps due to the higher costs of rehabilitating historic structures. We’re also experts in combining tax credit programs and incorporating other forms of financing, providing real estate developments with access to varied sources of funding.


Leather Trades Artist Lofts St. Louis, Missouri

(Click to enlarge)

Photo credit: Switzerfilm

Leather Trades Artist Lofts
St. Louis, Missouri

The Leather Trades building, located in downtown St. Louis, was constructed in the early 1900s and is listed on the National Register of Historic Places. Dominium Development and Acquisition of Minneapolis redeveloped the vacant, eight-story building and created a residential building geared toward the urban artist community. The rehabilitation adds 86 apartments available to tenants earning less than 50 to 60 percent of area median income and provides gallery and performing spaces.

USBCDC is providing more than $10 million of federal and state HTC and Low-Income Housing Tax Credit equity. U.S. Bank provided the initial mortgage and bridge financing.


Miller's Court Baltimore, Maryland

(Click to enlarge)

Photo courtesy of: Seawall Development Company

Miller's Court
Baltimore, Maryland

Miller’s Court, a $21.9 million redevelopment of an 1890 warehouse that was abandoned in 1953 and sat vacant for more than half a century, is an exciting mixed-use housing apartment community. It features 40 affordable homes for educators, as well as reduced-rent office space for Teach for America and other educational nonprofits. The redevelopment will encourage the retention of high-quality teachers in Baltimore’s low-income, inner-city school districts.

The development was financed through a partnership between USBCDC, Seawall Development, SunTrust, and Enterprise Community Partners. The financing leveraged New Markets Tax Credits (NMTCs) as well as federal and state HTCs. USBCDC provided more than $4.5 million of tax credit equity.

USBCDC and Seawall Development have since partnered on the historic restoration of Maryland’s largest stone mill, Union Mill. This active and vibrant mixed-use residential and commercial facility also focuses on nonprofit organizations and Baltimore-area teachers.


The Historic Park Inn Hotel Mason City, Iowa

(Click to enlarge)

Photo courtesy of: Wright on the Park, Inc.

The Historic Park Inn Hotel
Mason City, Iowa

Designed by Frank Lloyd Wright and completed in 1910, The Historic Park Inn is the last of six Wright-designed hotels in the world. Redevelopment of the Park Inn began in 2005, when the city council asked volunteers to lead the renovation of the decaying property. Several area residents answered the call, forming Wright on the Park Inc. (WOTP), a not-for-profit entity to lead the renovations and educate the public about the historic structure.

Over the course of several years, WOTP raised the funds necessary for the $18 million redevelopment through state and federal grant programs and from donations from community members, charitable organizations and local businesses. HTC and NMTC equity from USBCDC, in partnership with Iowa Business Growth Company, filled the remaining gap in financing.

The structure’s complete renovation, including restoration of the distinctive brick and terracotta façade and art glass windows, has restored the Prairie School-styled building to its original use as a functional hotel. It reopened in late 2011 and now features 27 guest rooms, a restaurant and a banquet facility.


Argonaut Building Detroit, Michigan

(Click to enlarge)

Photo credit: Justin Maconochie

Argonaut Building
Detroit, Michigan

Once a symbol of America’s dominance in the automotive industry, Detroit’s 760,000-square foot Argonaut Building has been transformed into an arts-focused educational center thanks to $145 million in funding from a variety of sources. The building, which sat vacant for more than a decade, is serving as a second campus for The College of Creative Studies (CCS), providing approximately 400,000 square feet for studios, classrooms, administrative offices and student housing.

USBCDC served as the HTC and NMTC investor, committing more than $51 million of tax credit equity to augment additional financing from traditional lenders, fundraising initiatives and a bond sale. Five Community Development Entities collaborated on the project – National New Markets Fund, Enterprise Community Partners, USBCDE, NCB Capital Impact, Local Initiatives Support Corporation (LISC) and Consortium America.

The Basics of HTCs

HTCs help preserve historic buildings, stimulate private investment, create jobs and revitalize communities. Here's how they work.

A Dedicated Team

Our experienced professionals are experts in HTCs and can help provide project financing to meet a range of needs.

Equal Housing Lender Equal Housing Lender

U.S. Bank and its representatives do not provide tax or legal advice. Each tax and financial situation is unique. Consult your tax and/or legal advisor for advice and information concerning a particular situation.

U.S. Bank is not responsible for and does not guarantee the products, services or performance of its affiliates and third parties.

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