All states
Ranked by deepest credit stack
16 states · last refreshed May 20
Federal HTC is 20% in every state. State HTC rate and per-project cap are what differentiate. Click any state row for full credit details and Monarch deal history in that state.
| Rank | Niche | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | South Carolina SC | A | 25% | $1.0M | Textile Mill, Abandoned Bldg | 70% | 2 | 4 | None | 2y ago |
| 2 | Illinois IL | A | 25% | $3.0M | River Edge | 45% | · | · | Dec 2028 | 12mo ago |
| 3 | Ohio OH | A | 25% | $5.0M | None | 45% | 2 | 4 | None | 11mo ago |
| 4 | Missouri MO | A | 25% | None | Missouri Neighborhood Preservation Act | 45% | 1 | · | None | · |
| 5 | Nebraska NE | A | 25% / 30%(metro / rural) | $2.0M | None | 40% | 3 | · | None | 2y ago |
| 6 | Massachusetts MA | A | 20% | None | Massachusetts Brownfields Tax Credit | 40% | 2 | 4 | ▲ Dec 2027 | 22mo ago |
| 7 | New York NY | A | 20% | $5.0M | New York Brownfield Cleanup Program Tax Credits | 40% | 1 | 4 | Dec 2029 | 5y ago |
| 8 | Wisconsin WI | A | 20% | $3.5M | None | 40% | 2 | 2 | None | 17mo ago |
| 9 | California CA | A | 20% | None | California Mills Act | 40% | · | · | None | 5y ago |
| 10 | Indiana IN | A | 20% | $100K | Indiana Industrial Recovery Tax Credit | 20% | 2 | · | None | 3y ago |
| 11 | Rhode Island RI | A | 25% | None | None | · | 1 | · | ▲ Jun 2026 | · |
| 12 | Maryland MD | A | 20% | $3.0M | None | · | · | · | None | · |
| 13 | Louisiana LA | A | 25% / 35%(urban / rural) | None | None | · | 1 | · | Jan 2029 | 17mo ago |
| 14 | New Hampshire NH | B | None | None | None | · | 1 | · | None | · |
| 15 | Kansas KS | B | 25% | None | None | · | · | · | None | 17mo ago |
| 16 | Georgia GA | B | 25% | $5.0M | None | · | · | · | Dec 2029 | ▲ in 1mo |
Showing 16 of 16 states · source: state SHPO / HFA program pages · how this is scored
Max stack: highest % of qualified rehab spend recoverable when federal HTC, state HTC, all eligible niche credits, and LIHTC are layered on a single deal in that state. How we score → Methodology