Round 9 Preservation Tax Credits…making and remaking history
Yesterday the Ohio Development Services Agency (the former Ohio Department of Development) announced the tax credit awards from the 9th Round of the Ohio Historic Preservation Tax Credit. You can read the full release here.
The big projects we’ve seen in the past are back again (Cleveland rehabs account for tens of millions of dollars in project costs); however, we also continue to see the emergence of smaller projects. The Lazarus House Apartments in Columbus will be rehabilitated into three apartment units in Columbus, at a total project cost of $265,860, taking a state tax credit of $46,195. While I love to see big projects such as the East Ohio Building in Cleveland with its 65 million dollar construction impact, I’m even more heartened to see the scale of projects receiving funding. I could envision the Lazarus Apartments happening in any of our Main Street communities, and I know if we can pump more construction investment into our Main Street communities, they will be better positioned to thrive far into the future.
Stay tuned to Heritage Ohio and Ohio DSA for updates on the state tax credit. For now, the next date to remember is March 30, 2013. Round 10 applications are due then.
Best wishes to you for a prosperous 2013 filled with preservation & revitalization!