Advisory Services

Historic Tax Credit Investments

Valhalla FTA advises financial institutions and developers on their historic tax credit investment programs that finance the rehabilitation of historic buildings across the United States. The Federal Historic Tax Credit (HTC) program, administered by the National Park Service and the Internal Revenue Service, provides a 20% federal income tax credit for the certified rehabilitation of income-producing historic structures that are listed on or eligible for the National Register of Historic Places.

Many states also offer complementary Historic Tax Credits that provide additional equity for these projects, often ranging from 10% to 30% of qualified rehabilitation expenditures depending on the state program. When combined, federal and state historic tax credits can finance a significant portion of a project’s development costs while preserving architecturally and culturally significant buildings. Valhalla FTA advises banks, insurance companies, and other institutional investors on sourcing, underwriting, and structuring historic tax credit investments that deliver both tax benefits and community revitalization outcomes.

Low Income Housing Tax Credit Investments

Valhalla FTA advises financial institutions and developers on their Low-Income Housing Tax Credit (LIHTC) investment programs that finance the development and preservation of affordable rental housing across the United States. The federal LIHTC program, administered by the Internal Revenue Service and allocated by state housing finance agencies, provides tax credits to developers who build or rehabilitate housing that is restricted to households with incomes generally at or below 60% of area median income.

Developers typically sell these tax credits to institutional investors - primarily banks and insurance companies - to raise equity for the project, which reduces the amount of debt required and allows rents to remain affordable. Many states also provide complimentary state housing tax credits that increase the total equity available for projects and improve feasibility. Valhalla FTA assists investors and developers with sourcing LIHTC opportunities, performing due diligence and underwriting, navigating credit committee approvals, and structuring investments that deliver predictable tax benefits while supporting the creation of high-quality affordable housing in local communities.