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Funding, Tax Incentives, Grants & Awards for Preservation Projects     


Funding, Tax Incentives, Grants & Awards for Preservation Projects
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National Park Service implements plan to improve the Federal Historic Rehabilitation Tax Credit Program
Historic Preservation Blog from PreservationDirectory.com - Federal Historic Rehabilitation Tax Credit Program, National Park Service, National Park System Advisory Board, Federal tax credits for the rehabilitation of historic buildings
Contributed By: National Park Service
Email The Author: Barbara_J_Baxter@nps.gov
Website: http://www.nps.gov

National Park Service (NPS) Director Mary A. Bomar recently announced the adoption of a plan designed to improve the Federal Historic Rehabilitation Tax Credit Program. The plan, entitled Making a Good Program Better, implements recommendations made by the National Park System Advisory Board following a two-year effort.

“The Federal Historic Rehabilitation Tax Credit Program is the largest and most successful Federal program promoting the preservation and reuse of America’s historic resources,” said Bomar. “I have every confidence that the plan will make the program even more successful.”

Administered by the National Park Service and the Internal Revenue Service in partnership with the nationwide network of State Historic Preservation Offices, the program offers Federal tax credits for the rehabilitation of historic buildings. Rehabilitated buildings must maintain their “historic character,” and be approved by NPS. Founded in 1977, the program has preserved over 30,000 buildings, and spurred more than $40 billion in private investment (over $4 billion last year alone).

The plan culminates an intensive study of the program. Beginning in 2005, the National Park System Advisory Board formed a committee to recommend ways for NPS to administer the program with greater clarity and flexibility. The Board issued its recommendations in 2006, and called upon the NPS to implement them by December 2007.

In meeting that deadline, Director Bomar announced, “The plan presents awide-ranging effort to make the program more accessible to more applicants. It will expand the benefits of historic preservation and economic development.” She noted that the program, which is administered by Technical Preservation Services in the NPS Washington Office, has grown ever more successful in the last decade. “In the past few years, application numbers have doubled, and amounts invested have reached record highs. Approval rates have never been higher—I call that a great program. But things can always be improved, and I am confident that this plan accomplishes the goal set for it by the National Park System Advisory Board—to make a good program even better.”

“The Federal Historic Rehabilitation Tax Credit Program has served the Nation well for the past 30 years,” she noted. “In endorsing this plan, I am confident that the program is set to serve the American people even better for years to come.”

For further information, contact John Smith at (202) 354-2095. The report, Making a Good Program Better: Final Guidance and Implementation of National Park System Advisory Board Recommendations for the Federal Historic Rehabilitation Tax Credit Program, is available online at the following address: http://www.nps.gov/history/hps/tps/tax/index.htm.


Keywords: Federal Historic Rehabilitation Tax Credit Program, National Park Service, National Park System Advisory Board, Federal tax credits for the rehabilitation of historic buildings

Posted: December 31, 2007
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Unless noted, the thoughts and opinions expressed in the article are solely that of the
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