In my last article for this website in February, I wrote about the completion of our project in Kelley Square, Worcester, MA, where the Triple-A Affiliate of the Boston Red Sox is building their new stadium called Polar Park.
One month later, the country was hit by the pandemic, Covid-19, and the world was suddenly upside down. Construction on the park stopped on April 1 and on a positive note, resumed the third week of May, as it did in most cities in Massachusetts and around the country. Clocktower is currently involved in real estate development projects all over the US, in various stages of development. We are finding that although each state is operating on its own back-to-work schedule, construction either never stopped or if halted temporarily, is now back in force under new health and safety guidelines.
Developers have had to adapt to the new normal during this crisis. When a client was due for an in-person inspection of their building and the inspector couldn’t be there, a virtual inspection was arranged using an iPhone. When an in-person notarization couldn’t happen, our client used video conferencing with the notary to oversee the signing and recording of the session. When our client’s attorney hand-delivered documents to a State Credit agency for signature, they expected to have it hand stamped on the spot but had to wait a week to obtain the stamped document. To facilitate a closing, our client’s attorney drove around the city, donned with mask and gloves to obtain signatures from housing authority executives at their homes. It goes to show that people can be creative and adapt to get things done when faced with a crisis.
Clocktower Tax Credits has been fully operational throughout the stay-at-home period and has remained in touch with our developers and our investor base. We have been busy placing and closing transactions. If you have a project that needs investor tax credit equity, don’t hesitate to call us. We work with developers with prospective Historic rehabilitation or Low-Income Housing tax credit projects seeking Federal and/or State tax credit equity, and unique state incentives such as the Massachusetts HDIP or Pennsylvania REAP credits. For inquiries, please contact Sue Ellyn Idelson at (978) 793-9574 or SIdelson@ClocktowerTC.com.