Massachusetts Historic Tax Credits Support Renovation and Expansion of Boston Non-Profit Elder-Care Organization

BOSTON, Aug. 2, 2012 /PRNewswire/ -- Bob Dorfman, president of Dorfman Capital, announced the completion of a Massachusetts historic tax credit sale associated with Boston's Mount Pleasant Home, a nonprofit elder-care organization. Mount Pleasant has provided a home for older men and women of limited means since 1901, but recently found itself in the difficult position of needing to expand its facilities during an economic downturn.

To insure that Mount Pleasant Home continued to be a resource for Boston's low income elder population for the next century, Dorfman Capital arranged a forward commitment to purchase and the ultimate sale of Massachusetts' historic tax credits to an institutional investor. The new renovation and addition has enabled the Home to house more residents, improve facilities and systems and lease clinic and office space to a medical practice affiliated with Brigham and Woman's Hospital. Residents will soon have the option of taking an elevator instead of a car to receive medical care and attention.

"Without these tax credits arranged by Dorfman Capital, the $20M renovation and addition project could not have happened," explains executive director Merlin Southwick. The current Mount Pleasant Home is a brick colonial Revival built in 1926 and situated on 2.3 partially wooded acres within a diverse mix of urban neighborhoods.

Owners of properties listed in historic districts may be eligible for a 20% federal investment tax credit and state historic tax credits for the rehabilitation of income-producing, commercial, industrial or residential certified historic structures. For more information, [email protected].

About Dorfman Capital

Dorfman Capital specializes in the qualification and sale of tax credits for the redevelopment of brownfields and the preservation of historic buildings. These tax credits are an integral component of the financing for real estate redevelopment and reuse projects. Dorfman Capital has raised over $1 billion in capital for its clients. For more information, call Bob Dorfman at (508) 428-1791, email [email protected], or visit www.dorfmancapital.com.

SOURCE Dorfman Capital