New Study Shows Tax Credits Key to Revitalization of Ohio’s Downtowns and Main Street Districts
Posted December 3, 2013 | Contact email@example.com or 202-588-6141
Washington – A new report released today by the National Trust for Historic Preservation and Heritage Ohio announces that the federal historic tax credit has helped spur $958 million in historic rehabilitation work and created over 15,000 jobs in Ohio since 2007. The publication comes as Congress considers reforming the nation’s tax code.
The report finds that the federal historic tax credit has been instrumental in helping owners afford to restore historic structures, many of which were previously vacant and dilapidated. Ohio also has a state historic tax credit that combines with the federal credit, creating an even greater financial incentive to rehabilitate its historic buildings. The result is vibrant, modernized buildings that generate income, sales and property tax, and new enthusiasm in their communities.
“By breathing new life into vacant warehouses, factories, hotels and more, the federal historic tax credit brings new hope and stability to neighborhoods, setting the stage for additional investment,” said Stephanie Meeks, president of the National Trust for Historic Preservation. “This is exactly the type of program we need to keep our country moving forward.”
The report highlighted ten projects of varying size and type, including the former St. Luke’s Hospital in Cleveland, the former Fort Piqua Hotel in Piqua, and the Born Capital Brewery in Columbus. All have created new places to work, live and play within buildings that help define Ohio’s heritage.
“Across Ohio, cities and small town main streets are experiencing redevelopment because of historic tax credits,” said W. Kevin Pape, Board Chair of Heritage Ohio. “The credits leverage private investment in places that matter and harness Ohio’s heritage to drive economic development where it is needed most.”
The full report, Ohio: Creating Jobs, Building Communities, Preserving Heritage, may be downloaded at: http://www.preservationnation.org/take-action/advocacy-center/additional-resources/HTC_Ohio_Pages_FINAL.pdf.