The Neighborhood Effects of Federal Historic Tax Credits in Six Legacy Cities

Kinahan, Kelly L.

doi:10.1080/10511482.2018.1452043

Cited by 11 publications

(3 citation statements)

References 35 publications

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“…Recent findings show that across very low‐income and low‐income neighbourhoods in six post‐industrial cities, the historic tax credit produced market‐rate units five‐to‐one over low‐income apartments (Ryberg‐Webster and Kinahan ). In a similar study, Kinahan () found historic tax credit projects correlated to a significant increase in the median household income in neighbourhoods where the redevelopment is located. Sceptics of historic tax credits acknowledge that while they reduce the risk in tricky projects, they ultimately encourage rent‐seeking behaviour as government funds are transferred to “powerful but undeserving constituencies” (Swaim :38).…”

Section: Historic Tax Creditsmentioning

confidence: 99%

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Tapp

2020

Antipode

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Following the 2008 global financial crisis, the use of real estate tax credits to generate shareholder value for investors increased significantly. While tax credits are lauded as crucial to the delivery of social goods like affordable housing, the multiplier effects they supposedly generate fail to account for the hollowing out of the state that occurs as public funds are transferred to shareholders. Through a detailed case study of the historic tax credit industry in the United States, this research shows how many of the banks and financial institutions investing in tax credits have come to rely on overly engineered forms of landownership, deeply discounted credit pricing, and a wave of stock buybacks to boost their corporate profitability. This paper therefore develops a theoretical framework to understand taxation as a financialised accumulation strategy where the state serves as an important—if not problematic—source of real estate profit.

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Section: Historic Tax Creditsmentioning

confidence: 99%

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Tapp

2020

Antipode

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“…One in a suite of federal investment credits including the low-income housing and new markets tax credits, the historic tax credit appeared after the national recession and urban fiscal crises of the late 1970s and expanded in and around the 2008 global financial collapse. The federal historic tax credit is supposed to provide property developers with a valuable source of project financing in the 'hard to rehab' places like empty office and industrial buildings (Ryberg-Webster, 2015a;Kinahan, 2019). Yet, regulations prevent the vast majority of developers from claiming the credit for themselves.…”

Section: Introductionmentioning

confidence: 99%

Layers of finance: Historic tax credits and the fiscal geographies of urban redevelopment

Tapp

2019

Geoforum

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“…McCabe (2018) drew attention to the importance of this nascent literature on preservation and neighborhood change. Recent work examining neighborhood change following historic preservation includes Kinahan (2018), McCabe and Ellen (2016), Talen et al (2015), Koster et al (2014), and Ryberg-Webster (2015). Alternatively, historic preservation may follow, rather than lead to, demographic change in neighborhoods (Noonan & Krupka, 2010).…”

Section: Historic Preservation and Neighborhood Changementioning

confidence: 99%

The Price of Preserving Neighborhoods: The Unequal Impacts of Historic District Designation

Oba

Noonan

2020

Economic Development Quarterly

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Policies affecting cultural assets are popular yet imperfectly understood tools to shape local economic development. Historic preservation policies, for example, can have markedly different implications for original residents, prospective residents, and developers, even in the same city. Therefore, merely identifying its average effect can obscure important heterogeneity in its impact. This study examines the property value impacts of local and national historic districts across the distribution of property prices and how those differential impacts vary with the restrictiveness of the policy. A quantile regression model identifies the heterogeneity of effects among higher and lower end properties. The results reveal large differences between national and local districts, interior and buffer properties, and for different property values. These findings highlight the importance of and complexity in how housing markets react to attempts to guide local economic development.

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The Neighborhood Effects of Federal Historic Tax Credits in Six Legacy Cities

Cited by 11 publications

References 35 publications

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

From the State to the Shareholder: Rent and the Production of Shareholder Value in Real Estate

Layers of finance: Historic tax credits and the fiscal geographies of urban redevelopment

The Price of Preserving Neighborhoods: The Unequal Impacts of Historic District Designation

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