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Gov. Mike DeWine announced more than $67 million in tax credits to rehab historic buildings across the state.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
The Historic Tax Credit (HTC) is the federal tax credit program that incentivizes the rehabilitation of historic buildings. The HTC, which has rehabilitated more than 38,700 buildings and leveraged about $106 billion in private investment nationwide, is in danger of being eliminated in current budget-balancing discussions in Congress. [34]
The tax credits would be a key part of the 100 East redevelopment financing − particularly as the Federal Reserve continues higher interest rates to reduce inflation.
Combining state and/or federal historic tax credits with the federal New Markets Tax Credit is also a possibility if the project is located in a low-income census tract. Syndicating historic tax credits can be a significant advantage for developers, especially those who do not have sufficient tax liability to claim the tax credits themselves.
The energy-efficient home improvement credit offers tax credits of up to $2,000 for heat pumps or biomass stoves or boilers, and up to $1,200 for other energy-efficient property upgrades.
The tax incentives program is operated by the Federal Historic Preservation Tax Incentives program, which is jointly managed by the National Park Service, SHPO, and the Internal Revenue Service. [9] Aside from the 20% tax credit the tax incentive program offers a 10% tax credit for rehabilitation to owners of non-historic, non-residential ...
The money is from the Historic Preservation Fund, which is administered by the Oregon State Historic Preservation Office. The list of grants: —1928 Court Ave., $2,650 for window and trim repairs ...