June 15, 2012 - Massachusetts Historic Tax Credits Enable the Transformation of the former Ingraham School in New Bedford.
Boston, MA: Bob Dorfman, president of Dorfman Capital announced the completion of a Massachusetts historic tax credit sale associated with the former Ingraham School. The formerly vacant Ingraham School has become a beacon of renewal for the New Bedford community. The former school is transformed into a vibrant new hub in the heart of New Bedford’s south end called Ingraham Place.
“This construction project is a boost for our city's workers and when completed will enhance the quality of life of our residents and help care for and educate our children," said Mayor Scott W. Lang of New Bedford when the funding was announced.
Ingraham Place, which is located in the heart of the South End, features nineteen affordable apartments for income-eligible households participating in support services provided by Southeast Regional network, a local social service agency. NorthStar Learning Center’s afterschool program will be housed onsite and there will be a large community room that will be available for use by local agencies and groups.
Dorfman Capital arranged a forward commitment to purchase and the ultimate sale of these tax credits to an institutional investor. Owners of properties listed in historic districts may be eligible for a 20% federal investment tax credit and state historic tax credits for the certified rehabilitation of income-producing certified historic structures such as commercial, industrial or residential buildings.
About Dorfman Capital: Dorfman Capital specializes in the qualification and sale of tax credits for the redevelopment of brownfields and the preservation of historic buildings. These tax credits are an integral component of the financing for real estate redevelopment and reuse projects. Dorfman Capital has raised over $1 billion in capital for its clients.