Diversified Investors Group/HAPCO - Philly Riverwards Sub Group

[Joseph Scorese]

Diversified Investors Group/HAPCO - Philly Riverwards Sub Group

Location: 2424 Studios, 2424 East York Street, Philadelphia, PA 19125 Suite 238 (Conference Room)

Date: September 16th, 2015 – 6:30PM-8:30PM

Speaker: David Blumenfeld Esq., President – Cross Properties

David's real estate development career spans over 25 years and includes both new constructions and renovation projects for residential, retail, office, and mixed-use. His experience includes apartments, condominiums, independent senior living communities, student housing, mixed-use projects, office, and lifestyle properties. David has acquired and/or developed 4 million sq ft across all asset classes representing over $500 million in transactions and management that includes a Real Estate Equity Fund which he conceived.

Subject:

The Benefits of Federal Historic Tax Credits

One way old, expensive, yet interesting buildings are saved from demolition and preserved is through the Federal Historic Tax Credits program.

We will discuss the Significance: Federal Historic Tax Credit program is one of the indispensible foundations of historic preservation. Since 1976, the program has leveraged nearly $100 billion in private investment to preserve 38,000 historic buildings nationwide. Every year in Philadelphia alone, an average of over $224 million in private investment and nearly 1,000 jobs are created by rehabilitation projects dependent on the federal tax credit program, whose costs are significantly less than the tax revenue it generates. The program is widely considered to be the largest and most successful community revitalization program in the country.

Where is the Threat: With our nation’s fiscal crisis demanding a reassessment of current tax policy, the historic tax credit is certain to come under the scrutiny of lawmakers in the coming months. Some members of Congress have already proposed its complete elimination, despite the fact that the program generates far more income than it expends. The shortsightedness of eliminating these credits will only be prevented by a strong show of support among community leaders, developers, preservationists and elected officials.

What are the Recommendations: Historic tax credits should be strengthened, not abandoned. In an effort to reaffirm and expand the effectiveness of historic tax credits.