The redevelopment of the Gov. Wolf Building in Downtown Easton has met the rigorous standards of the National Park Service, U.S. Rep. Matt Cartwright announced.
Park service officials completed a favorable review of the 1893 building's rehabilitation and reuse as 50 apartments, said Cartwright, a Democrat whose 17th Congressional District covers parts of Northampton County.
As a result, redeveloper Mark Mulligan's VM Development Co. will receive a 20 percent federal tax credit on qualified expenses, according to Cartwright's office.
"The federal tax credit not only helps preserve history, it is a cost-effective tool in ongoing efforts to revitalize our older urban neighborhoods and Main Streets across the industrial Northeast and Midwest," Cartwright said in a statement. "The benefits include generating much-needed jobs, creating affordable housing, enhancing neighborhood property values, and stimulating other rehabilitation activity in the surrounding community."
The history behind the 19th century building
Mulligan could not put a dollar figure on the tax credits because 1) he's not publicly disclosing the investment in the Gov. Wolf Building on North Second Street and 2) the credits only become monetized once he sells them to a third party.
But he's pleased to have satisfied the National Park Service review.
"You do spend a lot of money making it that nice. You have to go buy the right wood, you have to buy the right paint," Mulligan said. "You have to save things not easily saved. It does cost a lot more money to do them to this standard, so that's why I believe they give the credit out -- to mitigate the cost of going to that standard."
Mulligan bought the building in 2014 from Northampton County, which had been using it for government offices. The conversion to apartments wrapped up in September, and all 50 are leased. He can't convert them to for-sale condos -- or transfer ownership of the property at all -- for five years as a stipulation of the tax-credit program, he said.
The Gov. Wolf Building project also earned Mulligan $250,000 in state tax credits, and he's pursuing the federal program on his Simon Silk Mill renovation in Easton, as well.
Fire quickly contained at silk mill redevelopment
The Federal Historic Preservation Tax Incentives Program was created as a result of the Tax Reform Act of 1976, according to Cartwright. The program has generated over $69 billion in private investment in the rehabilitation of historic buildings. This year marks the 40th anniversary of the first certified project under this highly successful initiative, he said.
Kurt Bresswein may be reached at kbresswein@lehighvalleylive.com. Follow him on Twitter @KurtBresswein. Find lehighvalleylive.com on Facebook.
Our editors found this article on this site using Google and regenerated it for our readers.
