Ohio to provide $40 million in tax credits to historic preservation projects
Through the 13th round of its Historic Preservation Tax Credit Program, the State of Ohio will provide more than $40 million in tax credits to subsidize construction projects aimed at rehabilitating historic buildings around the state. Announced in late 2014, this round of tax credit awards will support the redevelopment of 35 historic buildings, all of which are privately owned. Noteworthy recipients include the former Goodyear headquarters in Akron, the Cincinnati Music Hall, the former Cleveland Board of Education Building and Cleveland’s National Terminal Warehouse.
Since its inception, the Ohio Historic Preservation Tax Credit Program has incentivized 244 projects throughout the state, offering millions of dollars in an effort to draw developers to revitalization projects. Today, more than 3,800 Ohio properties are listed on the National Register of Historic Places, many of which are vacant or underutilized.
The Historic Preservation Tax Credit Program is a valuable tool for developers looking to invest in a neighborhood or community. Historic buildings are often repurposed into thriving commercial or residential landmarks that are both unique and financially viable.
Bricker & Eckler’s attorneys have helped developers and lenders finance some of Ohio’s notable revitalization projects using the Ohio Historic Preservation Tax Credit Program and can advise on the real estate, land use, compliance and tax implications surrounding this unique financing option.