Monarch Perspectives
Monarch Perspectives
Episode #6: Historic Tax Credits: Returns, Structures & Impact
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In this episode of Monarch Perspectives, host Blair Williams, Director of Historic Tax Credits at Monarch Private Capital, sits down with Monarch co-founder George Strobel to explore the fundamentals of Federal Historic Tax Credit (HTC) investing.
George discusses the types of investors Monarch serves, including institutional investors, family offices, and high-net-worth individuals, as well as the various fund structures available to meet different investment objectives. He also explains Monarch's role as a fund manager, from sourcing and underwriting transactions to asset management and investor reporting.
The conversation covers key considerations for investors, including the accounting treatment of HTC investments under the Proportional Amortization Method (PAM), the differences between direct and lease pass-through investment structures, and the predictable, tax-driven returns these investments can generate.
Beyond the financial benefits, Blair and George highlight the broader impact of historic tax credit investing, demonstrating how private capital helps preserve historic buildings, revitalize communities, create jobs, and support economic development across the country.
Topics Covered:
- Federal Historic Tax Credit investing fundamentals
- Investor types and fund structures
- Direct vs. lease pass-through investments
- PAM accounting treatment
- Risk, returns, and tax benefits
- Community revitalization and economic impact
- The role of a tax credit fund manager
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