June 15, 2012 - Massachusetts Historic Tax Credits Support a Substantial Addition and Renovation to Boston’s Mount Pleasant Home.
Boston, MA: Bob Dorfman, president of Dorfman Capital, announced the completion of a Massachusetts historic tax credit sale associated with Mount Pleasant Home, a nonprofit elder-care organization. Mount Pleasant has
provided a home for older men and women of limited means since 1901, but recently found itself in the difficult position of needing to expand its facilities during an economic downturn.
The current Mount Pleasant Home is a brick colonial Revival built in 1926 and situated on 2.3 partially wooded acres within a diverse mix of urban neighborhoods. Due to major advances in medical treatment and technology, more than 65% of the current residents have outlived their savings. To insure that Mount Pleasant Home continues to be a resource for Boston’s low income elder population for the next century, renovation and expansion is needed.
Dorfman Capital arranged a forward commitment to purchase and the ultimate sale of Massachusetts’ historic tax credits to an institutional investor. Mount Pleasant Home is a small nonprofit serving low-income elders. Without these tax
credits, the $20M renovation and addition project could not have happened,” explains executive director Merlin Southwick.
The new renovation and addition will allow Mount Pleasant Home to house more residents and to lease clinic and office space to a medical practice affiliated with Brigham and Woman’s Hospital. Residents will soon have the option of
taking an elevator instead of a car to receive medical care and attention.
Owners of properties listed in historic districts may be eligible for a 20% federal investment tax credit and state historic tax credits for the rehabilitation of income-producing, commercial, industrial or residential certified historic
structures. For more information, [email protected]
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.