PreservationDirectory.com
PreservationDirectory.com
 
home
preservation events & conferences
press releases & job postings
› main menu
› article guidelines
› submit an article
grants & funding sources
heritage marketing services
preservation library:
articles, regulations & policy
preservation organizations
& resources
museums & historic structures
historic real estate
preservation businesses,
products & services
historic lodging:
inns, b&b's, hotels
historic tours
preservation general resources
historic photo galleries
preservation bookstore
frequently asked questions
about us
join email list
contact us
site map


member login

Featured
Property For Sale
View more information about this historic property for sale in Dunn, North Carolina

William T. Smith House

Dunn, NC
PreservationDirectory.com
30 Bromley Road
Pittsford, NY 14534
Phone: (503) 308-0500

Email Us!
foo




ArchiveInABox

WeddingGownPreservationKit.com

Mad Dog Primer

University of Oregon



PreservationDirectory.com

General Interest & Miscellaneous News     


General Interest & Miscellaneous News
Back to Press Releases Print   Submit an Article
Federal Historic Preservation Tax Incentives Generated $6.2 Billion in GDP and 109,000 Jobs in 2019
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: National Park Service
Website: https://www.nps.gov/tps/tax-incentives.htm

WASHINGTON – According to the Rutgers University’s Center for Urban Policy Research, the Federal Historic Preservation Tax Incentives Program contributed more than $12.1 billion in output in terms of goods and services to the U.S. economy and added $6.2 billion in gross domestic product (GDP) in Fiscal Year 2019. The program is administered by the National Park Service and the Internal Revenue Service, in partnership with State Historic Preservation Offices.?

"For more than 42 years, the Federal Historic Preservation Tax Incentives program has enabled the preservation and rehabilitation of more than 45,000 historic properties, while generating more than $188.2 billion in GDP nationally,” said Margaret Everson, Counselor to the Secretary, exercising the delegated authority of the National Park Service Director. “This is an incredible example of a federal/state partnership that continues to drive investments in historic preservation and revitalize communities across the country."

The Federal Historic Preservation Tax Incentives Program, commonly known as the Historic Tax Credit, provides a 20 percent federal tax credit to property owners who undertake a substantial rehabilitation of a historic building in a commercial or other income producing use, while maintaining its historic character.

The National Park Service certifies that a building is historic, and therefore eligible for the program, and that the rehabilitation preserves the building’s historic character; the Internal Revenue Service is responsible for administering the other aspects of the tax credit under the Internal Revenue Code. The tax incentives program has helped to revive abandoned or underutilized schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, agricultural buildings, offices, and other buildings across the country, and in turn, has helped support the redevelopment of entire downtowns and neighborhoods. It also supports community revitalization, job creation, affordable housing, small businesses, farms, and Main Street development, among other economic benefits.

According to this year’s report, almost half of the certified rehabilitation projects were located in low- and moderate-income areas and three-quarters of all projects were in economically distressed areas. Almost half of all projects were less than $1 million in rehabilitation costs and 17 percent were less than $250,000. A quarter of all certified rehabilitation projects were located in communities with a population of less than 50,000 people and 16 percent in communities with a population of less than 25,000 people.

For Fiscal Year 2019, program-related investments created approximately 109,000 jobs, including 39,000 in construction and 25,000 in manufacturing, generating $1.7 billion and $1.1 billion in income respectively. As a result of both direct and multiplier effects, and due to the interconnectedness of the national economy, sectors not immediately associated with historic rehabilitation, such as agriculture, mining, transportation, and public utilities, benefited as well.

State Historic Preservation Offices are the first point of contact for information and guidance for property owners interested in the program, and the National Park Service works closely with them in the administration of the program. A breakdown by state of the economic impacts and other program information is included in the reports.

Fiscal Year 2019 Highlights and Reports:
Case Studies:
  • St. Rose de Lima Church Complex (New Orleans, Louisiana): The rehabilitation of this historic complex, including a church and two schools, provides new homes for a theater company, social justice organizations, dozens of micro-entrepreneurs, and a charter school. The tenants in the rehabilitated buildings and the services they provide created new jobs and draw visitors who have helped to revitalize the surrounding area. 
  • Cambridge Apartments (Seattle, Washington): The historic rehabilitation of the Cambridge Apartments illustrates how historic preservation can meet the demand for affordable housing. The rehabilitated Cambridge Apartments provides affordable housing that is convenient to the city’s financial, government, hospital, and education job centers and serves households earning below 50% to 60% of area median income. 
  • Robinson Theater (Clarksburg, West Virginia): The Robinson Grand Performing Arts Center attracts over 120,000 visitors to 250 events a year in Clarksburg, West Virginia. The impact of the rehabilitation of the historic theater has been a catalyst for new economic development in the area, and increased local tax revenues can be attributed to increased foot traffic in and around the theater. 
  • Hale Bathhouse (Hot Springs, Arkansas): The Hale Bathhouse is the oldest bathhouse on Bathhouse Row in Hot Springs National Park. Its rehabilitation into Hotel Hale was made possible with a long-term lease from the National Park Service. 
Fiscal Year 2019 Highlights 

Rehabilitated Housing Units

Rehabilitated new or existing housing units: 16,280 
Low- and moderate-income housing units: 6,206 

Economic Benefit 
Total estimated rehabilitation investment (Qualified Rehabilitation Expenditures): $5.77 billion 
Historic rehabilitation projects certified: 1,013 Estimated total jobs created: 109,000 
Output (Goods and Services): $12.1 billion 
Gross domestic product: $6.2 billion 
Income created: $4.6 billion


Posted: November 10, 2020
Back to Press Releases Print   Submit an Article


Unless noted, the thoughts and opinions expressed in the article are solely that of the
author and not necessarily the opinion of the editors of PreservationDirectory.com.
   



PreservationDirectory.com | preservation events & conferences | press releases & job postings | organizations & resources
museums & historic structures | historic real estate | preservation businesses, products & services | historic lodging
historic tours | preservation general resources | historic photo galleries | preservation bookstore | preservation library
frequently asked questions | about us | join email list | heritage marketing services | contact us | site map

© Copyright 2020 - PreservationDirectory.com | website by Stolutions