What does htc stand for in real estate?

What Does HTC Mean in Real Estate?

In real estate, HTC often stands for Historic Tax Credit. These credits are incentives provided by the government to encourage the preservation and rehabilitation of historic buildings. Property owners can receive these tax credits for a portion of their rehabilitation expenses, making it financially viable to restore historic structures while complying with specific preservation standards. The goal is to preserve historic architecture and promote revitalization in older neighborhoods.

Example: A real estate developer purchases a deteriorating but historically significant building in a downtown area. They plan to rehabilitate the property into mixed-use spaces while preserving its historic facade and interior features. The project's eligible rehabilitation expenses amount to $2 million. Under the Historic Tax Credit program, the developer could receive a 20% tax credit, amounting to $400,000, to offset part of the project costs.

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