08 May Ep. 54 Historic Tax Credits with Maureen McMillan



In this episode, Realtor Adam Kruse, Realtor Shannon St. Pierre, Realtor Lauren Burns, Realtor Natasha Hawatmeh-Simon, and Realtor Matt Simon talk to Maureen McMillan about being a historic preservation consultant and how people can receive federal and Missouri historic tax credits for residential and commercial rehabilitation projects. For the Mortgage Minute, George DeMare of Endeavor Capital Mortgage talks about the Fastrack Mortgage Program.

Email questions to PODCAST@HermannLondon.com


1:05 Adam introduces Maureen McMillan

2:16 What is a federal historic tax credit?

2:41 When did Missouri begin giving state historic tax credits?

3:00 How are historic tax credits an economic development tool?

3:31 What are the historic tax credit guidelines?

4:25 What is a QRE (qualified rehabilitation expenditure)?

4:55 How much money is a historic tax credit worth?

5:05 Are state tax credits given in the form of a check? Are tax credits applied to income tax?

5:50 How do you sell state tax credits to a third party?

6:40 Can federal tax credits be sold? How long do you have to apply federal tax credits?

7:40 What is the National Register of Historic Places and what is a Registered Historic District?

8:56 Are historic districts only found in the city of St. Louis?

9:22 Why would people not apply for historic tax credits?

10:00 What does the secretary of the interior standards for rehabilitation do?

12:07 Can federal historic tax credits only be used for income producing properties?

12:35 Can state historic tax credits be used on strictly owner occupied properties?

13:36 How can you find out what historic properties are on the Missouri National Register?

14:14 What is a certified local district?

14:40 Contact Maureen at 314-402-9445, MTMcMillan@ATT.Net

15:25 Is the application process for historic tax credits competitive?

16:00 How is a period of significance established for a certified local district? What is a non-contributing resource?

16:48 To be eligible for state historic tax credits you must spend 50% of what you spent on the building on QREs

17:17 What is the formula to be eligible for federal historic tax credits?

19:30 When must the Department of Economic Development receive your application for historic tax credits? When do your expenses begin to count toward historic tax credits?

20:28 What is the application process for historic tax credits like? What is a warranty deed?

22:26 What is a historic district survey map?

26:50 There is a 2nd application phase for historic tax credits once your project is finished. What is a cost-compilation and a 100% cost-certification?

31:55 Can you have multiple projects at the same property?

33:04 What is often considered personal property and what is typically excluded from being a QRE (qualified rehabilitation expenditure)?

36:45 Can you pay yourself and claim the labor?

38:20 How do you buy and sell historic tax credits?

40:03 How much does it cost to get a historic tax credit consultant?

41:00 Are consultant fees eligible for historic tax credits? What are soft costs?

42:05 What is an opportunity zone?

42:54 What are new market tax credits?

43:33 What is a neighborhood preservation tax credit?

44:07 Do you have to keep the floor plan the same?

46:21 Contact Maureen at  314-402-9445, MTMcMillan@ATT.net

47:00 For the Mortgage Minute, George DeMare of Endeavor Capital Mortgage talks about the Fastrack Mortgage Program (314-378-0331)