ODSA releases list of Round 15 OHPTC recipients
Micro Living at Long Street in Columbus is one of the projects awarded funding in Round 15
This morning at the Drexel Theatre in Bexley, the Ohio Development Services Agency released its list of state tax credit recipients. With total project costs ranging from $300,000 to $270 million (yes, really…270 million dollars), the OHPTC program shows its worth to the big projects in the 3 Cs of Ohio, as well as in the smaller, courthouse communities. Congratulations to all of this round’s recipients! Read the ODSA release here.
Advocacy Alert: Proposed tax credit act needs your support!
To the excitement of preservationists across the country, the Historic Tax Credit Improvement Act (HR 3846) was introduced Wednesday, October 28. So why the excitement? For starters, HR 3846 offers the following tax credit improvements:
1) Small deals (less than $2.5 million in qualified rehabilitation expenditures) would see the eligible credit jump from 20% to 30%.
2) Transfer of credits as a tax certificate could give owners of smaller projects greater flexibility to bring in investors, and make capital easier to access.
3) Substantial rehabilitation (the threshold for becoming eligible to take advantage of the credits) would drop to 50% of the adjusted basis from the current 100%.
Add in better treatment of state tax credits when it comes to federal taxation, and other improvements, and you can begin to see how these changes, if passed, could inject a wave of new investment for countless small project rehabs.
Here in Ohio, we have Representative Pat Tiberi, and Representative Mike Turner to thank for helping lead the way as original co-sponsors of the bill, but we’re reaching out to you today, to encourage you to contact your representative, to ask him or her to sign on as co-sponsors for HR 3846 (or to thank Reps Tiberi and Turner for their support). You can find your representative here.
Check out this one-pager from the Trust, which summarizes the bill and how it improves the current federal historic tax credit.
Ohio Historic Preservation Tax Credit saved!
Update (6/16/15): Senators have removed language applying a moratorium on the successful OHPTC program! Thank you! Your messages touting the economic power of the tax credit resonated loud and clear among the Ohio Senate.
Yesterday, the Ohio Senate proposed to eliminate the Ohio Historic Preservation Tax Credit (OHPTC), with the possibly of transitioning it into a grant program several years from now.
This highly successful economic development program, without prior discussion, is in jeopardy of disappearing. Without the OHPTC Program, Ohio would not have had more than 1.4 billion dollars invested in the state, in the process rejuvenating countless abandoned or blighted buildings. The OHPTC promotes economic development at its finest: creating income-producing, taxpaying, and neighborhood-contributing buildings.
Since the program’s inception in 2007, the tax credit program’s investment statistics speak for themselves: 7 million square feet of redeveloped building space; 3,429 new housing units created; and an overall ROI of $6.70 for every dollar of tax credit generated.
To help save the Ohio Historic Preservation Tax Credit Program, we need you to do two things TODAY. Please email Senator Oelslager, Chair of the Senate Finance Committee, Senator Peterson, Chair of the Senate Ways & Means Committee, and your Senator to tell them why this will be detrimental to Ohio’s economic growth.
Thank you for helping us to send the message about the tax credits where it’s needed most!
Cincinnati's Music Hall receives catalytic tax credit award
Attribution: http://en.wikipedia.org/wiki/Samuel_Hannaford#mediaviewer/File:Cincinnati_Music_Hall_2002a.jpg
Music Hall in Cincinnati was the big winner in the latest round of tax credit awards named yesterday. You can read more from ODSA’s press release here.
Dollars and Sense of Building Rehabilitation Findlay Ohio August 8, 2014
Heritage Ohio will bring their popular Building Rehabilitation Workshop to Findlay, Ohio August 8th. Historic commercial centers are seeing a strong resurgence in economic activity, as walk-able communities and urban living become more prevalent. This workshop is a good opportunity for building owners to learn more about successful financial strategies and how tools such as historic tax credits are used to renovate historic commercial structures. To view the agenda and register click HERE.
Dollars and Sense of Building Rehabilitation- Steubenville 4.11.14
Heritage Ohio is proud to announce another educational workshop to help individuals and communities understand the tools available for historic buildings. Our next Dollars and Sense Workshop will be held in Steubenville on April 11th. This workshop is located to be central to much of eastern Ohio. To view the agenda click Dollars and Sense of Building Rehabilitation
Dollars and Sense of Rehabilitation
Heritage Ohio is again offering a series of workshops to help individuals and communities understand the historic building rehabilitation process.
We will be offering four workshops during 2014. Participants will have the opportunity to visit with representatives from Ohio Development Services Agency and the Ohio Historic Preservation Office. We will have a building owner share their experience in using historic tax credits, and other professionals involved in successful rehabilitation projects.
The next workshops will be:
February 24 in Dayton
April 11 in Steubenville
August 8 in Findlay
October 13 in Portsmouth
The Dollars and Sense of Building Rehabilitation- Athens August 12, 2013
For communities and building owners who want to know more about successful building rehabilitation.
First the community needs to set the stage, and create an environment where building rehabilitation is understood and encouraged.
Second, building owners need to understand how to deal with historic buildings and what tools are available to help.
Learn how you can be more successful at rehabilitating your historic buildings.
Register for this workshop HERE