In April, Hawaii’s state legislature approved the creation of a new statewide Historic Tax Credit, helping provide an additional layer of financial support to historic preservation in the state, along with the Federal Historic Tax Credit. The program is set to begin in July, providing a 25% Income Tax Credit against costs incurred during the rehabilitation in accordance with Historic standards administered by the state historic preservation office. The program also includes a 30% Tax Credit if the final project includes a 20% portion of affordable rental housing or 10% affordable housing sales to local tenants. Combined with Federal Tax Credits, this can provide Tax Credits against half of all qualifying historic rehabilitation costs!
Clocktower Tax Credits, LLC has a diverse pool of state Tax Credit investors, including those with an appetite for the new Hawaii program, in addition to our deep Federal Historic Tax Credit Investor base. With Clocktower’s expertise in both Historic programs’ quirks and necessary steps for a successful closing, we have the ability to help any historic rehabilitations in Hawaii fully reap the benefits of the new landscape for historic preservation in Hawaii. For any prospective opportunities seeking Hawaii and Federal Historic Tax Credit equity in the Aloha State, please contact David Curtis at (978) 440-0742 or DCurtis@ClocktowerTC.com.