Tuesday, October 2, 2012

Council supports historic tax credits for Downtown, OTR, Walnut Hills projects

Last Wednesday, Cincinnati City Council unanimously passed a resolution supporting Ohio Historic Preservation Tax Credit (OHPTC) applications for several projects in the Central Business District, Over-the-Rhine, and Walnut Hills.

Applications have been submitted for:

Winning projects will be announced on or before December 31. A resolution of support aids projects in the OHPTC scoring system.

Administered by the Ohio Development Services Agency (formerly the Ohio Department of Development), 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 eight rounds, $290.4 million in tax credits have been approved for 141 projects to rehabilitate 191 historic buildings in 34 communities. The Ohio Development Services Agency estimates that the program has led to the leveraging of $1.78 billion in private redevelopment funding.

Previous reading on BC:
City to lease Walnut Hills buildings for redevelopment (9/25/12)
3CDC buys endangered buildings on lower Main Street (9/5/12)
Ohio Dept of Development, Fed Home Loan Bank award money for projects (6/28/12)
Two Hamilton Co projects win affordable housing tax credits (4/12/12)
Council supports state tax credits for redevelopment of 7 buildings (3/26/12)