Why We Need the Historic Tax Credit

Boston’s Fenway Park, San Francisco’s Ferry Building, and New York’s Apollo Theatre. These are just a few of the 37,000 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 insane asylum? A lively and inviting residential and retail destination.
• A haunted 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 two million jobs.

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.

The Threat to the Historic Tax Credit Program

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 H.R. 2479, the Creating American Prosperity through Preservation, or CAPP Act. Introduced by Representatives Schock (R-IL) and Blumenauer (D-OR), the CAPP Act would greatly enhance the historic tax credit’s impact on local economies. We expect Senate introduction soon.

What You Can Do

Sign our pledge to join the fight to save the historic tax credit -- because it works. 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.