Monarch is advocating for the reinstatement of the Minnesota Historic Tax Credit (MN HTC) program. The company is joining forces with Rethos, RevitalizeMN Coalition, NAIOP and the League of Minnesota Cities as well as brokers, architects and developers, to call on the legistalure to revive the program during the 2023 legislative session.

The MN HTC program provides much-needed support for restoring historic buildings, which can be extremely costly. The federal government established a Historic Tax Credit program in 1976, which allows developers to claim a 20% tax credit for restoration expenses. In 2010, the state of Minnesota added a matching program, which added another 20% in tax credits. However, this program expired in 2021, causing historic rehabilitation projects to come to a halt.

The restoration of historic properties is crucial for preserving the state’s heritage and revitalizing communities. Monarch and its partners are urging individuals to reach out to their state legislators and express their support for the reinstatement of the MN HTC program. The program is non-partisan and benefits communities across the state, regardless of political affiliation.

Until next time,

Brian + Ben

Monarch CRE

Want to learn more about the Minnesota Historic Tax Credit (MN HTC) program? Click here.