Historic Tax Credit Workshop

Transcription

1 Historic Tax Credit Workshop Austin, Texas May 15, 2015 Ben Dupuy of on behalf of EnhancedCapital This document shall not constitute an offer to sell or the solicitation of any offer to buy securities..

2 Enhanced Capital Tax Credit Investment & Finance National investment and finance firm founded in 1999 Historic Rehabilitation Tax Credits o Direct buyer/investor o Proprietary federal and state historic tax credit funds o Active in Texas New Markets Tax Credits o NMTC allocatee at the federal and state levels o Multiple allocation awards o Since 2013, closed 45 NMTC investments using $300M of federal and state allocation awarded to Enhanced CDE o Interested in Texas projects/businesses o Interested in operating companies, including those rehabilitating historic buildings 2

3 In 2013, Texas became the 35 th state to enact a historic rehabilitation tax credit 3

4 Texas now has one of the nation s strongest state historic credits 4

5 Louisiana s credit has helped finance projects of all sizes throughout the state 5

6 Enhanced & Historic Rehabilitation Tax Credits Enhanced fills a need in the market that has been underserved Enhanced focuses on investments in projects with Federal Historic Rehabilitation Tax Credits of $400,000 ($2M in QREs) and up Focus on projects that will place in service by the end of 2015 Interested in projects that will place in service anytime Enhanced can buy Texas Historic Rehabilitation Tax Credits in any amount 6

7 Texas Case Study With $3.5M in QREs State Credit Amount Qualified Rehabilitation Expenditures $3,500,000 State Credit Percentage 25% State Credit Amount: $875,000 7

8 Texas Case Study With $3.5M in QREs Federal Credit Amount Qualified Rehabilitation Expenditures: $3,500,000 Federal Credit Percentage: 20% Federal Credit Amount: $700,000 8

9 Texas Case Study With $3.5M in QREs Combined State & Federal Credits State Credit Amount: $875,000 Federal Credit Amount: $700,000 Combined State & Federal Credit Amount: $1,575,000 9

10 It is essential that policy makers at the federal and state levels hear from supporters of historic rehabilitation tax credits 10

11 Ben A. Dupuy, President 3031 Chestnut Street St. Charles Avenue Advisors New Orleans, Louisiana (202) In 2013, Ben A. Dupuy worked with Texas policymakers, preservation stakeholders, and economic development stakeholders to lead the successful effort to create the Texas Historic Rehabilitation Tax Credit, which is one of the most effective historic preservation incentives in the United States. Mr. Dupuy is the President of where he advises developers on accessing federal and state historic rehabilitation tax credits for their projects. Mr. Dupuy also works with policy makers at the state and federal levels to develop effective capital formation solutions that enable developers and entrepreneurs to access financing needed to grow businesses and create jobs. Mr. Dupuy is the former president of the National Coalition for Capital and the former executive director of the Alliance for Economic Development, both of which advocated for access to capital policies that lead to development, business growth, and job creation. Prior to he was a partner at a firm in Washington, DC where he led efforts on real estate development, economic development, tax policy, and financial services policy. Mr. Dupuy's experience includes serving as a federal government relations official for one of the nation's most influential advocacy organizations, as the executive director of an organization of statewide elected officials, as a member of a U.S. senator's staff, and as a member of several campaigns at the presidential and statewide levels. He earned a BA in American Government from the University of Virginia and studied Real Estate Finance at Georgetown University. Mr. Dupuy and his family live in his hometown of New Orleans, and he is a board member of the Louisiana Museum Foundation. Mr. Dupuy has experience as a real estate developer and owner, including historic rehabilitation and new construction projects. 11