Bob Dorfman, president of Dorfman Capital, announced the completion of a Massachusetts historic rehabilitation tax credit sale associated with the rehabilitation of The Blakeley Building, 473 Essex Street, Lawrence, MA. The building, originally built in 1890 as an office building, has been restored into 46 units of affordable rental apartments and 4,200 square feet of retail storefronts. The developers of the building are Volunteers of America National Services, Paramount Development Group and Rocket Industries.
Owners of properties listed in the National Register may be eligible for a 20% federal investment tax credit and a 20% state historic tax credits for the certified rehabilitation of income-producing certified historic structures such as commercial, industrial, or rental residential buildings.
About Volunteers of America
Volunteers of America is a national, nonprofit, faith-based organization dedicated to helping those in need rebuild their lives and reach their full potential. Through thousands of human service programs, including housing and healthcare, Volunteers of America helps more than 2 million people in over 400 communities. Volunteers of America is one of the nation’s largest non-profit owners of affordable housing and has developed more than 300 properties in more than 30 states, including 165 units for seniors and 122 properties for persons with disabilities.
About Dorfman Capital
Dorfman Capital specializes in the sale of federal and state tax credits for affordable housing and historic rehabilitation projects as well as film productions. These tax credits are an integral component of the financing for these projects and productions.