Berkshire Bank Provides Historic Tax Credit Investment to Revitalize Westerly’s United Theatre

Berkshire Bank Provides Historic Tax Credit Investment to Revitalize Westerly’s United Theatre
Project Continues Downtown Economic Redevelopment and Preserves Historic Asset for the Region

Providence, RI, December 17, 2021 – Berkshire Bank, a socially responsible community-dedicated bank with locations in New England and New York, announced a Historic Tax Credit (HTC) investment to support the revitalization of The United Theatre in Westerly, RI. The project also supports Berkshire’s previously announced BEST Community Comeback in which it is lending and investing in activities that revitalize local economies.
 
Berkshire provided a projected $2.95 million historic tax credit investment to support the revitalization of The United Theater which is being renovated to become a community center for live performance, cinema, performing and visual arts, and arts education. During the project, The United Theatre’s revitalization effort on Canal Street helped create a number of construction jobs and now complete, the project provides new permanent full-time and part-time jobs and increased foot traffic downtown.
 
The Historic Tax Credit is the most extensive federal program explicitly supporting historic preservation, leveraging over $102 billion in private investment to rehabilitate historic properties. The HTC program encourages the rehabilitation of certified historic buildings by allocating tax credits equal to 20% of qualified rehabilitation expenditures. Building owners must complete the 3-part application process for historic preservation certification. Ultimately, the Tax credit benefit resulting from the investment can be utilized beginning in the year the property is placed in service.
 
"Our investment in The United Theatre is just one example of the projects we are supporting in communities across our markets through our BEST Community Comeback. It contributes to ongoing revitalization efforts, helps create jobs and is an attractive investment for the Bank," said Subhadeep Basu, Chief Financial Officer of Berkshire Bank. "Historic Tax Credits support the Bank’s investment, which enables the redevelopment project and provides an appropriate return to the Bank. Developers looking to restore eligible historic properties often finance the restoration in part by selling HTCs awarded to the building.”


COMMUNITY IMPACTS
Since 1926, generations of families experienced entertainment shows and watched movies at the United Theatre. In 1986 the theatre faded into disuse. The Westerly Land Trust purchased the theatre in 2006 as part of their Urban Program. The purpose of the program is to focus resources on the redevelopment and enhancement of commercial properties Downtown, particularly those in areas of historic significance to the Town.
 
"Our partnership with The United Theatre will help enhance the heart of downtown Westerly while breathing new life into an important historic property," said Cristina Feden, Berkshire Bank’s Regional President. “With offices throughout the region, Berkshire and The United Theatre are serving two states, two towns, and one community; Westerly, RI and Stonington, CT. This project is a perfect example of our joint impact.” 
 
Historic Tax Credit investment projects provide significant improvements to their respective communities that will increase each community's capacity for meaningful economic development. Projects can be catalysts for revitalization in neighborhoods, creating jobs, businesses, and housing, all consistent with Berkshire Bank's BEST Community Comeback. To date, Berkshire Bank has provided over $46 million in tax equity financing related to Historic Tax Credit projects in Berkshire’s market areas. In addition, Berkshire has 17 branches serving eastern Connecticut and Rhode Island and recently opened a new regional office in Providence, RI.

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About Berkshire Bank 

Berkshire Bank is transforming what it means to bank its neighbors socially, humanly, and digitally to empower the financial potential of people, families, and businesses in its communities as it pursues its vision of being the leading socially responsible omni-channel community bank in the markets it serves.
 
Berkshire provides business and consumer banking, mortgage, wealth management and investment services. The Bank has approximately $11.8 billion in assets and operates 106 branch offices in New England and New York. Headquartered in Boston, Berkshire Hills Bancorp (NYSE: BHLB) is the parent of Berkshire Bank and is a member of the  Bloomberg Gender-Equality Index. To learn more, call 800-773-5601 or follow us on Facebook, Twitter, Instagram, and LinkedIn

CONTACTS 
Media Contact: 
Meredith Fletcher
Berkshire Bank
[email protected]