The state has been dragging its feet paying out HTCs for many years now.

StlToday - St. Louis developers, preservationists say changes needed to revitalize historic tax credit

https://www.stltoday.com/news/local/bus ... f797c.html

The last mintue backyard chicken insert into the bill turned out to be a bunch of cockadoodledoo.

https://www.ksdk.com/article/news/local ... 8729ee52f6

I'm a bit unclear on what exactly had passed in terms of HTCs in the 2024 bill, in particular in relation to the comment regarding the Railway Exchange and AT&T buildings. 

Edit: I see now: "Other changes target specific areas of the state. While the cap on large projects over $1 million will remain at $90 million annually, the legislation exempts downtown St. Louis' two massive empty buildings - the AT&T tower and the Railway Exchange Building - from that cap in hopes of luring a developer to the daunting projects."

STLrainbow wrote: ↑

Oct 25, 2025

The last mintue backyard chicken insert into the bill turned out to be a bunch of cockadoodledoo.

https://www.ksdk.com/article/news/local ... 8729ee52f6

I'm a bit unclear on what exactly had passed in terms of HTCs in the 2024 bill, in particular in relation to the comment regarding the Railway Exchange and AT&T buildings. 

The bill did multiple things, including expanding historic tax credits for redevelopment projects. A judge ruled that it's unconstitutional for a bill to do drastically different things, so he voided the entire law.

^ Thanks; I edited my comment to state that the bill exempted the AT&T & RRX buildings from the $90M cap... I had to go to the SLPL site to access the 2024 article. 

anyone have personal experience with HTC's on a 4-family rehab? particularly what selling the credits is like, and how strict reviews are? 

I've drawn an HTC set before, but the plans didn't include any new framing (or construction). Retaining existing trim, details, windows, etc. I know is important. 

On a small project like this, it is ideal if you or someone close could use the credit directly.  It's not worth the effort and expense for most tax credit investors to deal with a small amount of credits like this.  I know someone that did a similar HTC project themselves, but they were able to use the credits. Upon project completion and approval they were able to take out a loan against the credits. 

I would assume the reviews are strict. To assume otherwise would be a huge risk of losing the credits that make up a significant portion of the capital stack. A good project can into a big loss very quickly.

Don't wing it.  Find a consultant or lawyer who has experience with Historic Tax Credit projects.

dylank wrote: ↑

Nov 03, 2025

anyone have personal experience with HTC's on a 4-family rehab? particularly what selling the credits is like, and how strict reviews are? 

I've drawn an HTC set before, but the plans didn't include any new framing (or construction). Retaining existing trim, details, windows, etc. I know is important. 

Your HTC application is going to outline your plan.  It includes as-is drawings, after completion drawings, scope of work outline, as well as before and after photos of pretty much every last inch of the project.  Any project that is less than 1.1M of qualified reimbursable expense automatically qualifies if it is in a historic district or a historic contributing building that is listed on the registry.  Credits are easy to sell.  CPAs typically have clients that can use them.  They are worth approximately $,88-.$93 on the dollar.  Projects that have more than 1.1M of QREs are fairly complicated and very involved.  

Thank you @STLAPTS . This is super helpful. I'm under contract in Old North, and thinking this may be part of the gameplan. 

dylank wrote: ↑

Nov 04, 2025

Thank you @STLAPTS . This is super helpful. I'm under contract in Old North, and thinking this may be part of the gameplan. 

Welcome, future neighbor!

dylank wrote: ↑

Nov 04, 2025

Thank you @STLAPTS . This is super helpful. I'm under contract in Old North, and thinking this may be part of the gameplan. 

No problem.  Best of luck!