Historic Tax Credit Consulting & Preservation Planning
Epsilon’s historic preservation consultants are respected and trusted professionals in the historic preservation field with a unique understanding of preservation standards, regulatory requirements, and agency expectations.
Historic Tax Credit Consulting and Preservation Planning Services
Epsilon Associates provides industry-leading historic tax credit consulting services and comprehensive historic preservation planning for developers, property owners, nonprofits, and project teams nationwide. We specialize in securing federal and state historic rehabilitation tax credits (HTCs) that help finance the rehabilitation, renovation, and adaptive reuse of historic buildings.
With former reviewers from State Historic Preservation Offices (SHPOs) on staff, Epsilon Associates is a national leader in historic tax credit consulting delivering the strategic guidance needed to navigate complex regulatory review processes, maximize Qualified Rehabilitation Expenditures (QREs), and optimize return on investment through historic tax credit equity. Epsilon’s historic tax credit consultants have secured over $500,000,000 in historic tax credits for our clients nationwide.
The Epsilon Advantage: Integrated Permitting & Historic Preservation Services
Epsilon offers a unique, “one-stop” approach by providing fully integrated permitting and environmental consulting services.
- Seamless Collaboration: Our historic preservation consultants work alongside in-house environmental, planning, and engineering experts.
- Efficiency: This coordinated team reduces project timelines, minimizes costs, and ensures consistent communication across all regulatory pathways.
- Expert Insight: Our staff includes former reviewers from State Historic Preservation Offices (SHPOs) and municipal planning departments, delivering the strategic guidance needed to navigate complex reviews and maximize return on investment (ROI).
Epsilon Historic Preservation Services
Epsilon offers a unique, “one-stop” approach by providing fully integrated permitting and environmental consulting services.
Historic Tax Credits: Securing State and Federal Historic Rehabilitation Tax Credits (HTCs) for real estate development projects.
Due Diligence: Feasibility studies, due diligence, and strategic planning for historic resources and preservation projects.
Regulatory Reviews: Local, state, and federal historic preservation and environmental permitting, including Section 106, NEPA, MEPA, HUD Part 58
Documentation: Historic research, documentation, interpretive content, and archival photography.
National Register of Historic Places: National Register of Historic Places nominations and determinations of eligibility.
Design Review: Preservation planning and architectural design review assistance.
Historic Tax Credits (HTCs) for Real Estate Development
Historic tax credits are historic building redevelopment / rehabilitation incentives. Epsilon’s historic tax credit consultants specialize in maximizing the financial benefits of historic building projects by securing crucial federal and state historic rehabilitation tax credits (HTCs). Our expertise helps finance the rehabilitation, renovation, and adaptive reuse of historic buildings, reducing costs for our clients and making these rehab projects profitable maximizing ROI. through HTC equity.
HTCs can be:
- Monetized (sold or syndicated) to investors
- Used to offset federal or state tax liability
- Layered with other incentives to reduce total development costs
Our team ensures that rehabilitation projects meet the Secretary of the Interior’s Standards for Rehabilitation, positioning clients for successful approvals and maximum HTC equity.
Our HTC Consulting Services Include
- Federal Historic Preservation Certification Applications
- Part 1: Evaluation of Significance
- Part 2: Description of Rehabilitation
- Part 3: Request for Certification of Completed Work
- State Historic Tax Credit applications and coordination
- Design review and compliance guidance
- Feasibility assessments and due diligence
- National Register nominations for buildings not yet listed
- Strategic planning to optimize HTC equity and project ROI
Maximizing Historic Tax Credit Equity and ROI
Our consultants specialize in pairing federal historic tax credits with state historic tax credit programs, available in more than 30 states nationwide. Each state has unique application processes, scoring criteria, and award limits, and our team brings deep experience navigating these requirements. These incentives can also be combined or “twinned” with:
- Low‑Income Housing Tax Credits (LIHTC)
- New Markets Tax Credits (NMTC)
- Brownfields Tax Credits
- Other Federal, State, and local funding sources
This layered financing approach helps transform challenging historic rehabilitation projects into financially viable developments.
Why Work with Historic Tax Credit Consultants at Epsilon
Our team exceeds the Secretary of the Interior’s professional qualification requirements, ensuring that all guidance provided to developers and owners fully complies with the Secretary of the Interior’s Standards for the Treatment of Historic Properties. This expertise is key to securing timely project approvals from SHPOs and the National Park Service (NPS). Our historic tax credit consultants have secured over $500,000,000 in historic tax credits for our clients nationwide. Our historic tax credit consulting services include particular expertise with Massachusetts historic tax credits, New York historic tax credits, Maine historic tax credits, and Connecticut historic tax credits, while servicing our clients with state historic tax credits nationwide.
Historic Preservation Regulatory Expertise
We are experts at interpreting and implementing the complex local, state, and federal regulations and guidelines that govern development and historic tax credit rehabilitation projects. Our staff has a variety of historic preservation experience, having previously worked at municipal planning and preservation departments, State Historic Preservation Offices (SHPO) and the National Park Service. Our close working relationships with historic boards, commissions, SHPOs and other regulatory agencies ensure we can deliver prompt and efficient project approvals. Our experience on the other side of the table as project reviewers benefits our clients by properly advising them on procedures and properly preparing detailed submissions.
Select Federal Regulation Expertise
Section 106 of the National Historic Preservation Act
Department of Transportation Section 4(f)
National Environmental Policy Act (NEPA)
Select State & Local Expertise
Massachusetts Historical Commission’s Chapter 254 Review (State Register Review)
Boston Landmarks Commission’s Design Review & Article 85 Demolition Delay
Massachusetts Environmental Policy Act (MEPA)
Historic Tax Credit FAQs:
What are historic tax credits?
Historic tax credits are dollar-for-dollar tax incentives available to owners, developers, and long-term lessees who rehabilitate income-producing historic buildings in accordance with the Secretary of the Interior’s Standards for the Treatment of Historic Properties.
Historic tax credits can:
- Offset federal and state tax liability
- Be monetized (sold or syndicated) to investors
- Significantly reduce total project development costs
Federal historic tax credits provide 20% of Qualified Rehabilitation Expenditures (QREs), while state historic tax credits typically range from 20–30%, depending on the state.
How do historic tax credits work?
HTCs are provided to owners/lessees/developers of income producing properties who complete rehabilitation projects to historic buildings meeting the Secretary of the Interior’s Standards for the Rehabilitation of Historic Properties (the Standards).
How are historic tax Credit applications reviewed?
Historic tax credit applications are reviewed by the National Park Service (NPS) in partnership with State Historic Preservation Offices (SHPOs).
Who can claim the historic tax credit?
Owners or long‑term lessees of income‑producing historic buildings.
How do I apply for historic tax credits?
Epsilon manages the full historic tax credit application process. Our historic tax credit consultants assist with drafting the Part 1, Part 2, and Part 3 historic tax credit applications and providing design review consultation to ensure your project will qualify for historic tax credits.
Can historic tax credits be sold or syndicated?
Yes, many project proponents monetize credits by selling them to investors, in return for cash for the credits. The investors then use the credits to reduce their taxes owed. If you are a non-profit you would sell/syndicate the credits.
Does the building need to be listed on the National Register of Historic Places?
For federal HTCs, the building must be listed or determined eligible. Listing can occur after project completion. State programs may have different criteria.
Can residential properties qualify?
Yes, but only income-producing residential properties (e.g., rental housing) qualify. Owner-occupied homes do not.
What are Qualified Rehabilitation Expenditures (QREs)?
QREs include costs directly related to physical rehabilitation, such as structural repairs, systems upgrades (plumbing/electrical), windows, doors, roofing etc. as well as some project soft costs.
Who administers the Federal Historic Tax Credit program?
The program is jointly administered by the National Park Service (NPS) and the Internal Revenue Service (IRS), in partnership with State Historic Preservation Offices (SHPOs).
Who uses historic tax credits?
- Real estate developers
- Property owners
- Nonprofit organizations
- Affordable housing developers
- Adaptive reuse project teams
Section 106 FAQs:
What is Section 106?
Section 106 is a provision of the National Historic Preservation Act that requires federal agencies to consider the effects of their undertakings on historic properties and provide the Advisory Council on Historic Preservation (ACHP) an opportunity to comment if there is an adverse effect. Projects are reviewed by federal agencies and State Historic Preservation Offices (SHPOs) through project filings.
What qualifies as a “historic property”?
Under Section 106, a historic property is any building, structure, site, district, or object listed in or eligible for listing in the National Register of Historic Places.
What is an “undertaking”?
A Federal undertaking is a project, activity, or program either funded, permitted, licensed, or approved by a Federal Agency.
When does Section 106 apply?
It applies when a federal agency is involved in an undertaking with the potential to affect historic properties. This includes direct funding, permits, or approvals related to a project.
Who is responsible for initiating the Section 106 process?
The federal agency sponsoring or permitting the project is responsible for initiating and completing the Section 106 review, unless it is delegated to the project proponent or recipient of funds.
What are the steps in the Section 106 process?
- Determine if the project is an undertaking.
- Identify historic properties in the area of potential effects.
- Assess effects on those properties
- Resolve any adverse effects (if any) through consultation.
Project Portfolio
Questions?
Any particular questions regarding our historic preservation services, please reach out!
