Why We Need the Historic Tax Credit
Boston’s Faneuil Hall, San Francisco’s Ferry Building, and New York’s Apollo Theater. These are just a few of the 38,000 historic structures that have been carefully restored and reinvigorated with the help of the federal historic tax credit. For more than 30 years, this little-known program has reenergized neighborhoods and towns across America.
The transformations enabled by this tiny but mighty program are incredible. Many banks said that these rehabilitations couldn’t be done. But with the historic tax credit the impossible became possible. Here are just a few examples:
- A former Model-T manufacturing plant? Now a vibrant arts college facility.
- A former mental health hospital? A lively and inviting residential and retail destination.
- A mysterious old jail? Beautiful apartments and restaurant space.
In each case, the project brought key pieces of a community’s history back to life in a way that serves today’s modern needs.
The icing on the cake? Historic rehabilitation projects not only stir our imagination, but also make good economic sense. Over the life of the program, the federal historic tax credit has catalyzed projects that created 2.2 million jobs and attracted $100 billion in private investment.
The Atlantic Cities recently cited that “repairing existing residential buildings produces about 50 percent more jobs than building new ones.” In addition, historic preservation keeps more dollars in the local economy, as developers of historic buildings generally buy local and hire local.
Are you convinced? Good. Because we need your help. Not quite sure? Check out our Top 5 Reasons to Support the Historic Tax Credit.
The Threat to the Historic Tax Credit
Despite its impressive track record, the historic tax credit program is now in danger. Deficit reduction measures are currently being debated on Capitol Hill, and the federal historic tax credit (HTC) program is at risk of reduction or worse, elimination.
Our Prosperity Through Preservation Campaign
We want to protect the historic tax credit by supporting the Creating American Prosperity through Preservation, or CAPP Act. Introduced by Representatives Aaron Schock (R-IL) and Earl Blumenauer (D-OR) in the House (H.R. 2479), the CAPP Act would greatly enhance the historic tax credit’s impact on local economies. Senators Ben Cardin (D-MD) and Olympia Snowe (R-ME) are co-sponsoring the legislation in the Senate (S. 2074), and introduced the bill on February 6, 2012.
What You Can Do
Ask Your Senator to Support the CAPP Act to Keep Historic Preservation Working! With your help, we can send a message to Capitol Hill to keep historic tax credits off the chopping block and in communities where they create jobs, stimulate investment and fuel local economies.
