Oh, this is wonderful news! On Monday, the Ohio Department of Development announced a new program to assist businesses and homeowners restore their historic buildings. The new Historic Preservation Tax Credit will provide credit for up to 25% of qualifying rehabilitation expenditures (like restoring roofing, windows or siding) in accordance with the Secretary of the Interior’s Standards for Rehabilitation.
“One of the most important principles in economic development is to build upon the assets and strengths we already have, and the Historic Preservation Tax Credit Program is another tool that demonstrates our commitment to preserve the physical assets in our local communities,” said Lt. Governor Fisher.
Ohio already ranks first in the nation for the use of federal historic preservation tax credits. But while the federal credits are only available for commercial or rental properties, this state credit program appears to also provide funding for residential properties. That could prove to be incredibly useful for homeowners who wouldn’t otherwise have the money for a historically-accurate restoration.
This is really exciting. Cincinnati, and in particular Over-the-Rhine, has so many incredible historic buildings. I love to just wander the neighborhood looking up at those old buildings. I don’t know much about architecture, but I know those beautiful buildings contain so much wonderful history. It’s nice to know that we now have another tool to help keep them around.
