The Ohio Historic Preservation Tax Credit Round 10 Begins
The Ohio Historic Preservation Tax Credit Program Round 10 is Accepting Applications.
This program helps to encourage development in areas where there have been challenges, preventing financial investment and restoration.
Rehabilitating structures and re-building neighborhoods, designated as historical landmarks, is a cost effective way to save buildings, create jobs and promote pride and sustainability in communities.
The Ohio Historic Preservation Tax Credit Program provides a 25 percent tax credit for the rehabilitation expenses to owners and lessees of historically significant buildings.
A building is eligible if it is individually listed on the National Register of Historic Places; contributes to a National Register Historic District, National Park Service Certified Historic District, or Certified Local Government historic district; or is listed as a local landmark by a Certified Local Government. The program is competitive and receives applications bi-annually in March and September.
Over the nine funding rounds, tax credits have been approved for 157 projects to rehabilitate 229 historic buildings in 34 different communities. The program is projected to leverage more $2 billion in private redevelopment funding and federal tax credits directly through the rehabilitation projects.
Without the tax credit many developers might never take the risk to tackle the big projects that can turn around communities.
The application period for Round 10 of the Ohio Historic Preservation Tax Credit program is now open.
A total of $30 million in tax credit allocation is currently available for Round 10 applicants.
All applicants are required to schedule pre-application meetings with both the Office of Redevelopment and the Ohio Historic Preservation Office prior to submitting an application. Applicants are encouraged to contact both offices early in the application submission period to schedule the meetings to ensure availability.
For more information on the Ohio Historic Preservation Tax Credit read more about the programs offered to build communities, create jobs and invest in the people of Ohio.
Click on the link to the presentation below explaining how the Ohio Historic Preservation Tax Credit works:
