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By Tim Karp
Head Of National Historic Tax Credit Origination, Community Development Banking
By Tim Karp
Beneath the rubble, abandoned properties are often stunning structures with storied pasts. JPMorgan Chase has helped restore these buildings by investing in rehab projects that qualify for the Historic Tax Credit (HTC) program. HTC provides low-cost capital to real estate developers who agree to preserve historic building elements.
JPMorgan Chase works with real estate developers across the country on various property types to provide:
Since 2017, JPMorgan Chase has invested equity in the preservation of historic buildings totaling over 3 million square feet.
The wide-ranging projects help preserve and revitalize communities across the country. They include:
Constructed in 1909, Seattle’s Louisa Hotel began as a single-room occupancy hotel with a jazz club before the upper hotel floors were abandoned. In 2013, a fire damaged the western half of the building. Now home to Louisa Apartments, the building features 84 affordable workforce housing units and commercial space.
Designed by local engineer J.E. Sirrine in Greenville, South Carolina, the structure was once the world’s largest textile mill under one roof, with 112,000 spindles. Today, the 50,000-square-foot cotton mill’s LEED Gold certified rehab will transform the space into workforce housing for more than 300 residents.
Built in 1925, Texarkana’s luxury hotel sat vacant for more than 20 years before ground broke to convert the historic structure into lofts and commercial space. Renovations—which required removal of several tons of debris—include preserving the ornate hotel lobby and Palm Room, the building’s historic event space.
Built in 1968 by the same architect who designed the Kennedy Center in Washington, D.C., this Hyattsville, Maryland, office building is now known as The Highline. It features 339 apartments, plus amenities designed with modern artists and entrepreneurs in mind.
Originally constructed in 1903, this former shipbuilding and repair facility was transformed into a modern industrial workspace. The 100,000-square-foot structure’s upper floor was renovated into a creative office area, and bottom floors were retained as light industrial space.
Listed on the National Register of Historic Places in 2012, Ansco occupied the Binghamton, New York, space for more than 40 years. Today, the space houses 100 lofts and 38,000 square feet of commercial space. The developer preserved the roof’s giant water tank, as well as the building’s custom oversized factory windows, steel beams and building signage.
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Chase. J.P. Morgan.
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Federal Historic Tax Credit Program.
JPMorgan Chase has been participating in the Historic Tax Credit (HTC) program for over a decade. Since 2017, we've invested millions of dollars in HTC equity to support the preservation of more than 3 million square feet of historically significant buildings.
Featured Project #1: Louisa Hotel. Seattle, Washington.
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An archival photograph shows the historic Louisa Hotel.
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After a Christmas Eve fire destroyed half of the former hotel and jazz club in
2013, developers converted the building into affordable workforce housing and
seven commercial spaces.
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Photos show the exterior and interior of the contemporary Louisa Hotel building, with its new apartments.
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$4 Million Federal Historic Tax Credit equity contributed by JPMorgan Chase.
1909: The year the building was constructed.
84 Affordable units of workforce housing occupy the current space.
Featured Project #2: Brooklyn Navy Yard's Building 127. Brooklyn, New York.
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A 1933 photograph shows two men painting the exterior woodwork of the Navy Yard building.
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Constructed in 1903, the three-story former shipbuilding and repair facility joins the repurposed Navy Yard as a light manufacturing, hardware production, and creative office space.
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An illustration shows the contemporary brick Brooklyn Navy Yard Building, the size of a city block.
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$10 Million Federal and state Historic Tax Credit equity contributed by JPMorgan Chase.
1801: Year the Navy Yard was first established.
100,000 sq. ft. Size of the industrial building.
Featured Project #3: Metro Two. Hyattsville, Maryland.
Designed by the architect of the Kennedy Center in Washington, D.C., the former office building is now occupied by The Highline Apartments.
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Photos show the exterior and interior of the white building, with its large windows and contemporary apartments.
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$9.7 Million Federal Historic Tax Credit equity contributed by JPMorgan Chase.
1968: Year the building was constructed.
339 Multifamily market-rate rental apartments located in the building.
Featured Project #4: Ansco Camera Factory. Binghamton, New York.
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An archival photograph shows the historic Ansco Camera Factory.
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Listed on the National Register of Historic Places, developers converted this
factory into Ansco Lofts, which feature multifamily units and 30,000 square
feet of commercial space.
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Photos show the outside of the massive brick commercial building and the inside of one of its spacious loft apartments.
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$6.5 Million Federal and state Historic Tax Credit equity contributed by JPMorgan Chase.
1937: Year Ansco camera company purchased the building.
100 Multifamily, market-rate lofts occupy the current space.
JPMorgan Chase is here to help you with New Markets Tax Credit financing. Learn more at chase.com/cdb, and contact one of our bankers today. New Markets Tax Credit Program.
Logos:
Chase. J.P. Morgan.
Text on screen:
Equal Housing Lender.
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These materials do not represent an offer or commitment to provide any product or service.
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