Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development, today announced that the Department is accepting applications for the third round of the Ohio Historic Preservation Tax Credit program as of July 1, 2009. This round features new enhancements designed to increase efficiency for our regional partners during the application process.
“The Ohio Historic Preservation Tax Credit program has already shown that it creates local jobs, spurs economic development by leveraging private sector investment, and revitalizes important symbols of Ohio’s history,” said Patt-McDaniel. “The program is an excellent economic stimulus tool for Ohio and we expect the next application period will increase the significant impact this program is having across the state.”
The Ohio Historic Preservation Tax Credit program is part of the $1.57 billion Ohio Bipartisan Job Stimulus Plan, which immediately creates new jobs while laying the foundation for future economic prosperity. In the Job Stimulus Plan $120 million was set aside for Historic Preservation Tax Credits. In October 2008, 48 applicants were approved for a total of $78.2 million in tax credits. The remaining $41.8 million in tax credits from the Ohio Bipartisan Job Stimulus Plan will be available during the new application period.
The Ohio Department of Development, in partnership with the Ohio Historical Society and Ohio Department of Taxation, have made significant improvements to the application process to better meet the needs of historic rehabilitation partners throughout the state. Improvements include:
- Dividing the year-long application period into two six-month rounds to provide applicants with faster application determinations, helping applicants secure additional financing more quickly and allowing projects to begin construction sooner. The following dates will serve as rounds for the application periods for fiscal year 2010:
Round 3 (July 1, 2009 – December 31, 2009)
Application Submission Window: July 1 – September 30, 2009
Application Review Period: October 1 – November 30, 2009
Approved Applicants Announced by: December 30, 2009
Round 4 (January 1, 2010 – June 30, 2010)
Application Submission Window: January 4 – March 31, 2010
Application Review Period: April 1– May 31, 2010
Approved Applicants Announced by: June 30, 2010
- Expediting tax credit approvals by making the remaining stimulus funding for fiscal year 2010 (currently $17.5 million) available in Round 3 (July 1 through December 31, 2009) and the remaining stimulus funding for fiscal year 2011 (currently $24.2 million) in Round 4 (January 1 through June 30, 2010).
- Updated scoring criteria that measures projects’ potential economic impact and regional distributive balance of the credits throughout the state in a more comprehensive and easily understandable fashion.
- New program policies and updated administrative rules will be published before the beginning of the application period to better clarify the detailed processes and procedures. These documents will provide applicants with clear, transparent, and predictable guidelines for the program. A public stakeholder review meeting will be scheduled to solicit any public input to the administrative code changes prior to the beginning of the application period.
To get a better understanding of how the Ohio Historic Preservation Tax Credit program works, add your email to our newsletter list. We’ll be offering four tax credit workshops this fall. Stay tuned for details!
