Take the Historic Tax Credit Quiz
How well do you know your historic tax credit? Take our true/false quiz to test your knowledge and learn more.
True or False: People want new and shiny, not old and dated.
FALSE. Research and market data shows people often want artfully blended historic charm with modern touches. Residents, tourists, and businesses are drawn to places with distinctive character and creative small businesses; historic tax credits keep the building’s unique character in tact while enabling its reuse and reinvention.
True or False: The historic tax credit is just a subsidy for the rich.
FALSE. Since 2002, about 80 percent of historic tax credit projects have been located in neighborhoods with family incomes at or below 80 percent of the area median. These projects can start a cycle of economic revitalization, encourage additional investments, raise property values and create a safer and more secure environment.
True or False: The historic tax credit drains the Treasury.
FALSE. In fact, the program more than pays for itself. The cumulative, 32-year, $17.5 billion cost of the program is more than offset by the $22.3 billion in federal taxes these projects have generated.
True or False: Historic preservation is a luxury we can’t afford in these difficult economic times.
FALSE. Historic rehabilitation creates more and better-paying jobs than new construction, due to the fact it is more labor-intensive work. Historic preservation is something we can’t afford to lose!
True or False: Historic preservation is good for the environment.
TRUE. The rehabilitation of historic and older buildings reduces waste and saves energy while it preserves our cultural heritage. A historic rehabilitation recycles existing materials and utilizes existing infrastructure such as roads, schools, and public transit.