How to Use This Tool
Properties listed on the National Register or have approved Part 1 certificate of historic significance by the National Park Service with anticipated development costs of approximately 2.5 million to 25 million are eligible. They can receive an equity payment for the credit available.

General Guidelines for Fund Investments

1. Properties that are eligible for either the 20% federal historic tax credit or the 10% federal non-historic tax credit.

2. Properties owned by federal, state and local governmental agencies, nonprofit organizations and for profit developers.

3. Properties located in the following states and cities: Arizona, Arkansas, California, Florida, Georgia, Idaho, Illinois, Iowa, Kansas, Maryland, Missouri, Nevada, New Mexico, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Virginia, Washington, New York City and the District of Columbia. Utah not yet eligible.

4. Properties to be rehabilitated for use as multi-family residential properties that may also include a ground floor office or retail component, 100% commercial office properties, nonprofit uses such as educational facilities or museums, or mixed uses. (The Fund will not invest in hotels.)

5. Properties that, when rehabilitated, will contribute to the revitalization of downtown central business districts and neighborhood residential and commercial areas, especially those located in designated economic or community development zones.

6. Properties that meet all zoning and parking requirements.

Examples
Over the last 24 months alone, The National Trust's Heritage Property Services Group (HPS) has closed on equity totaling $23 million. The rehabilitated buildings resulting from these projects have provided economic development value for their surrounding communities in the form of 789 units of market rate and affordable housing, 887 hotel rooms, 190,000 sq. ft of office space, 324,000 sq. ft. of retail space, 292,000 sq. ft. of museum space and 125,000 sq. ft. of conference facilities. Bank of America's Community Development Banking group has invested over $40 million in federal and state historic tax credits since 1997.

Contacts
Phone: (202) 588-6141
E-Mail: pr@nthp.org
Website: http://www.nationaltrust.org/news/docs/20001012_bofa_fund.html

George Owen
Bank of America
(904) 791-5701
george.owen@bankofamerica.com