Monday, July 15, 2013

9 projects, including Bartlett and SCPA, win state tax credits

On June 27, nine Cincinnati projects were awarded more than $9 million to move their developments forward as part of the tenth round of the Ohio Historic Preservation Tax Credit (OHPTC) program.

The bi-annual OHPTC program provides 25 percent of qualified rehabilitation expenditures to owners or lessees of buildings located on the National Register of Historic Places or within a National Register Historic District, a U.S. National Park Service certified historic district, a Certified Local Government historic district, or listed as a local landmark by a Certified Local Government.

Among the local projects receiving tax credits are:

The funding is part of $33.98 million provided to 22 projects across the state. More than $60 million in requests were received in the current round.

National recognition could bring additional funds

Two local projects have also been recommended by the Ohio Historic Site Preservation Advisory Board for inclusion on the National Register of Historic Places.

Both the Kirby Road School in Northside and the Kinsey Apartments in Mount Auburn, which are recognized as local historic landmarks, will be forwarded to the Keeper of the National Register, who directs the program for the U.S. Department of the Interior.

A decision is expected by late September.

Inclusion of the National Register of Historic Places could qualify both properties for an additional 20 percent federal income tax credit for their rehabilitation.

The Kirby Road School, built in 1910 and located at 1710 Bruce Avenue, is undergoing a rehabilitation that will convert the 50,910-square-foot building into 37 market-rate apartments. An additional 40-unit apartment building is planned if demand warrants it.

Previous reading on BC:
LEED tax exemption granted for Bartlett Building hotel (5/29/13)
Kinsey Apartment Building latest local landmark (4/1/13)
Council supports state tax credits for SCPA, OTR projects (4/1/13)
Ohio preservation tax credit application period open (3/13/13)
Kirby Road School a local landmark, rehabilitation proceeding (3/5/13)