Monday, March 26, 2012

Council supports state tax credits for redevelopment of 7 buildings

Cincinnati City Council at its meeting last Wednesday passed unanimously a resolution supporting an application for Ohio Historic Preservation Tax Credits (OHPTC) for the redevelopment of seven buildings in Over-the-Rhine and the West End.

Cincinnati Center City Development Corporation (3CDC), the Model Group, and Over-the-Rhine Community Housing are seeking and undisclosed amount of credits for 1087 Mound Street; 1105, 1500-1506, and 1801-1805 Elm Street; 1405-1407 Republic Street; and 1830-1832 Freeman Avenue.

The deadline for OHPTC Round 8 is March 30, and the approved applications will be announced between June 15 and June 30. A resolution of support aids projects in the OHPTC scoring system.

Administered by the Ohio Department of Development's Urban Development Division, the OHPTC provides 25 percent of qualified rehabilitation expenditures for buildings located on the National Register of Historic Places, in a registered historic district, or certified by Ohio's Preservation Officer as being of historic significance.

Through the program's first seven rounds, $279.3 million in tax credits have been approved for 126 applicants to rehabilitate 158 historic buildings in 30 communities. The Urban Development Division projects that the program has led to the leveraging of $1.64 billion in private redevelopment funding.

Previous reading on BC:
Federal Reserve, Metropole win state tax credits (6/28/10)
21c capital account created, tax credits supported (3/30/10)
City supports redevelopment of former Federal Reserve Building (3/23/10)
Three OTR projects win $7.1M in state tax credits (12/14/09)
3CDC buys Metropole, plans 21c luxury hotel (11/9/09)