Tax Reform and Downtown Rehabilitation

From South Boston to Winchester, St. Paul to Norfolk, many of our Virginia communities have seen significant revitalization as a result of the Federal Historic Tax Credits (HTC). In many cases, if not most cases, rehabilitation of historic structures counts on this funding to make those projects work – and the credits are slated for elimination in the Tax Reform proposal under consideration.

Masonic Theatre, Clifton Forge, VA

The rehabilitation, re-use, and preservation of Virginia’s historic buildings is good for the commonwealth’s economy, according to a recent study conducted by Virginia Commonwealth University.  During a 17-year period, nearly $1 billion in tax credits leveraged almost $3 billion in private investment, resulting in the reuse of 2,375 buildings, ranging from warehouses, hotels, and theaters.

Where do you go for more, so you can put this economic development tool to good use?  Let me introduce you to your partners:

Here are your administrative partners.  While the National Park Service ultimately approves the federal Historic Tax Credit, the Virginia Department of Historic Resources (DHR) acts as the “gatekeeper”, administering both the federal and state tax credit programs. All applications go through DHR first and they also provide technical assistance.

Here are your advocacy partners. The National Trust for Historic Preservation and its subsidiary the National Main Street Center, a proven leader of preservation-based economic development, both work to educate national and local community leaders about its value. Your local preservation advocacy partner, Preservation Virginia, promotes this development tool, too.

Rehabilitated Masonic Theatre, Clifton Forge, VA

Advertisements