Historic rehab continuing on Madison apartments
FGS The Restoration Company is continuing renovation work on Nichols Station, a 34-unit apartment building in downtown Madison that’s managed by its parent company, Wisconsin Management Company. The $3.5 million project should be completed in the fourth quarter of this year.
WMC secured 3.8 percent financing on a 40-year loan, and it’s receiving 40 cents in historic tax credits – 20 cents from the federal government and 20 cents from the state – for every dollar it spends on the project. To obtain historic tax credits, WMC must abide by federal prevailing wage requirements, and FGS has to perform renovations to exact architectural standards, its work reviewed by the U.S. Department of Housing and Urban Development and other entities.
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WMC secured 3.8 percent financing on a 40-year loan, and it’s receiving 40 cents in historic tax credits – 20 cents from the federal government and 20 cents from the state – for every dollar it spends on the project. To obtain historic tax credits, WMC must abide by federal prevailing wage requirements, and FGS has to perform renovations to exact architectural standards, its work reviewed by the U.S. Department of Housing and Urban Development and other entities.
