Historic Tax Credits

[Jeff Zimmerman]

Does anyone have experience with historic tax credit transferring with the sale of condos?

Our company has two historic developments in a historic district. We are renovating the properties to meet historic standard to qualify for historic tax credits at the National and State levels. We are converting the apartment buildings into condos to sell units to cover development costs.

We have been told that the tax credits can be transferred to the person/company that purchases the condo after development is complete. The project will be eligible for a tax credit of 25% of the total development cost ($1,000,000). Does anyone from BP have experience with this topic?

Thank you in advance,

Jeff