U.S. Department of Interior approves Part 2 for Fifteenand9Main’s Historic Preservation Tax Credit, marking a key step in revitalizing Virgin Islands’ heritage.

On May 12, 2025, we achieved a significant milestone. The US Department of the Interior approved Fifteenand9Main’s submission of Part 2 in the three-part process for receiving the Historic Preservation tax credit. This approval not only underscores the credibility and viability of our project but also fills us with pride and accomplishment.

Part 2 outlines the condition of the building and the renovations needed. Part 1 confirmed that the structure is historic and located in a historic zone. (We received approval under Part 1 on 9-04-24)

Team Collaboration Drives Success in Historical Building Renovation
We began the work with permission from the local historical representative and Washington, DC officials before receiving approval under Part 2. This early action was necessary to secure the building, as the roof and other parts of the historical structure needed replacement. Sean Krigger, the territory liaison for the US Virgin Islands, provided essential support and understanding of the project’s urgency, which was instrumental in our early start.

Our Part 2 submission, a thirty-two-page PDF documenting the work and renovations made to the historical structure, is a testament to our collective effort. This collaborative endeavor, which involved all four managing partners—Michael Donohue, Catarina Donohue, David Shear, and Carol Shear—showcases our value and integral role in this project.

It’s important to acknowledge the significant role of our partner, Carol Shear. Her experience securing grants from her previous profession has been instrumental in getting us to this point. Her unique expertise has greatly contributed to our success.
Engage in Preserving and Enriching the Virgin Islands’ Historic Districts
While this approval is a significant achievement for us, it also serves as a call to action for the St. Thomas, St. Croix, and St. John communities. Your active involvement is not just welcomed but crucial. Together, we can further enrich the Charlotte Amalie and Christiansted Historic Districts, the Charlotte Amalie district containing 165 acres, approximately 500 contributing buildings, three contributing structures, and one contributing object.

The Christiansted Historic District, a 135.9-acre (0.550 km²) area in Christiansted, St. Croix, Virgin Islands, was added to the National Register of Historic Places in 1976. It was home to 253 contributing buildings and two contributing sites, many of which hold significant historical value.

Virgin Islands Excluded from $210M Tax Credits, New Legislation Proposes 30% Boost for Small Projects.
The Virgin Islands have not yet benefited from the widely acclaimed program that offers tax credits. Bipartisan legislation has been proposed to increase the credit for smaller projects, most of which would likely apply to those in the Virgin Islands, from 20% to 30%. From 2017 through the most recent National Park Service annual report, 2023, a total of $210,895,137 in tax credits was approved nationwide. Still, investors in the Virgin Islands received none of these tax credits.
Qualifying Criteria for the Federal Rehabilitation Tax Credit for Historic Buildings
1. The building must be listed in the National Register of Historic Places or certified as part of a registered historic district. 2. The project must meet the “substantial rehabilitation test.” 3. Rehabilitation must follow the Secretary of the Interior’s Standards for Rehabilitation. 4. After rehabilitation, the building must be used for business or income-producing purposes for at least five years to qualify for the federal rehabilitation tax credit; owner-occupied residential properties do not qualify.
Part 3: Request for Certification of Completed Work
After finishing the rehabilitation work, the owner must submit a Part 3 application form to request final approval. The National Park Service will evaluate and compare the completed project to the work proposed in the Part 2 application form. If the completed project meets the required standards, the National Park Service will certify the rehabilitation, making it eligible for the 20% rehabilitation tax credit. This is the next step in our project timeline.