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Hotel Grim in Holding Pattern, Awaiting Tax Legislation
Just recently, all was ready to begin renovation of the Hotel Grim into apartments in Texarkana, TX. Jim Sari, developer of the project at 211 W. 3rd St., had placed a “coming soon” sign on the structure. Then came the U.S. Congress’ tax reform proposals, which is putting the hotel’s redo at risk.
At issue is the historic tax credit, which rewards developers for preserving historic structures. Also at issue is the 4% low-income housing tax credit, which provides incentives to making new housing affordable to low-income residents. The Grim renovation is depending on both incentives. Both would be eliminated under the House’s tax-reform bill, while the Senate would leave both intact.
“We’re kind of in a holding pattern at this point,” said David Orr, Texarkana’s city director of planning and community development.
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