New Projects to Receive Historic Tax Credit
July 20, 2021
Eleven new projects have been approved to receive the Historic Tax Credit by the committee overseeing the applications. The committee, called the Alabama Historic Tax Credit Evaluating Committee, added the projects over two meetings in 2021, with the most recent meeting on June 23.
The projects include seven rural and four urban projects, although the urban projects have all been waitlisted. Representing just over $4 million in tax credits, the rural projects are:
Rural:
| Building (Location) | Amount Requested |
| Lofts on Gault Building (Fort Payne) | $70,000 |
| Clardy-Yoe-Stewart Home (Oxford) | $13,034.62 |
| Old Baptist Hospital (Selma) - second request, original request rescinded | $2,499,999 |
| Fort McClellan Industrial Historic District Sub-districts C & D (Anniston) | $1,195,040 |
| Thomas Terrace (Decatur) | $116,978.75 |
| 201 South Three Notch Street (Andalusia) | $150,000 |
| Frye-Turner-Maury House (Anniston) | $25,000 |
The urban projects are waitlisted because the urban allocation has been exhausted through 2022. Totaling over $14.5 million, the urban projects are as follows.
Urban:
| Building (Location) | Amount Requested |
| Hardwick Company Complex (Birmingham) | $4,993,943.25 |
| American Laundry Company Building (Birmingham) | $1.25 Million |
| Hood & Wheeler Furniture Co. (Birmingham) | $3,265,579.75 |
| Social Security Office Building (Birmingham) | $5 Million |
Background
The Alabama Legislature renewed the Historic Tax Credit in 2017 and again in 2021, setting aside $200 million spread over ten years (2018 to 2027). The $20 million annual funds are split with 40% ($8 million) reserved for projects in rural counties and 60% ($12 million) reserved for projects in urban counties. As anticipated, applications from urban projects have far outpaced those from rural projects with over twenty urban projects on the waitlist. Waitlisted urban projects can receive an allocation if rural projects do not use up the entire rural allocation for a year. Waitlisted projects may also receive an allocation from 2023 to 2027 with the recent renewal of the Historic Tax Credit by the Alabama Legislature for another five years.
The map below shows where each project, including rescinded, is located.