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Gateway Senior Apartments Project Receives 2016 Governor’s Award for Historic Preservation

May 4, 2016 InSite Capital is pleased to announce that developer Home Renewal Systems has been selected as a recipient of the 2016 Governor’s Award for Historic Preservation for its renovation of the former Fremont High School into 38 mixed‐income senior housing apartments. In 2014, Home Renewal Systems needed a partner to invest in the Federal Historic Tax Credits as well as the Low‐Income Housing Tax Credits generated by the adaptive reuse of the historic building and its use as affordable housing. InSite Capital was able to not only step in as an investor in the Low‐Income Housing Tax Credits,…

Annual Report on Federal Historic Tax Credit Concludes Credit a “Strategic Investment that Works”

Rutgers University has released its Annual Report on the economic impact of Federal Historic Tax Credit for fiscal year 2014, concluding that the credit is a “strategic investment that works.” A few key highlights from the report: “In FY 2014, HTC-related investments generated approximately 78,000 jobs, including 27,000 in construction and 18,000 in manufacturing, and were responsible for $4.6 billion in GDP, including $1.5 billion in construction and $1.3 billion in manufacturing. HTC-related activity in FY 2014 generated $3.4 billion in income, with construction ($1.2 billion) and manufacturing ($799 million) reaping major shares.” … “In short, the federal HTC is…