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Media contacts: Kim Schuette: 614.297.2314 or kschuette@ohiohistory.org
For
Immediate Release: Mar. 25, 2010
Editors Note: Click here to download high resolution images.
Ohio Surpasses $2 Billion in Historic Preservation Tax-Credit Projects
State Ranks in Top Five Using Incentive
(COLUMBUS, OH) - The Ohio Historic Preservation Office of the Ohio Historical Society announced today that private investment of more than
$2 billion has now been reached in Ohio projects using the federal historic rehabilitation investment tax credit. The credit encourages owners of
historic properties to renovate buildings listed in the National Register of Historic Places. Additionally, Ohio has consistently placed in the top
five states on the number of projects awarded the credit.
“Since the tax incentive program began in 1977, income-producing properties listed on the National Register of Historic Places have
generated more than $2 billion in Ohio and $55 billion nationally in total investment,” said Burt Logan, executive director and CEO of the Ohio
Historical Society and state historic preservation officer. “With a 5 to 1 ratio of private investment to federal tax credits, the program is an
outstanding means for increasing preservation and adaptive use of historic buildings throughout the state. It’s has been so successful here that
Ohio has been a national leader in the number of rehabilitation projects completed for more than 10 years.”
The Federal Historic Rehabilitation Investment Tax Credit is designed to stimulate reinvestment in historic downtown commercial buildings
and other income-producing properties. In exchange for following the Secretary of the Interior’s Standards for Rehabilitation, a set of guidelines
for renovating historic properties, owners get a federal income tax break of 20 percent of qualified rehabilitation expenditures. Additionally,
a number of recently certified projects have also been awarded the new 25-percent Ohio Historic Preservation Tax Credit. These credits are
dollar-for-dollar reductions of taxes owed. The federal tax credit program is administered in Ohio by the Ohio Historic Preservation Office and
at the federal level by the National Park Service. The state tax credit program is administered by the Ohio Department of Development in
partnership with the Ohio Historic Preservation Office and the Ohio Department of Taxation.
“Private owners and developers are using the credit to renovate underutilized and vacant historic buildings,” Logan said. “Despite the
downturn in the economy, the program continues to be a strong catalyst for job creation, revitalization of neighborhoods and economic recovery. In
Ohio, historic preservation activity generated by these tax-credit projects has produced more than 30,000 jobs since the inception of the program.
According to Judith Kitchen, head of Technical Preservation Services for the Ohio Historic Preservation Office, the federal credit has aided
preservation and rehabilitation of more than 1,500 historic buildings in Ohio since introduced in 1977 “Tax credit projects often serve as
catalysts for redevelopment of neighboring properties and entire main streets,” says Kitchen. “This program has facilitated the preservation of
beautiful buildings in the heart of many Ohio communities, large and small.”
Some of the projects that put Ohio over the $2 billion dollar mark include:
J.B. Carson Residence & Grocery Store, 302 Ross Ave., in Hamilton’s Rossville Historic District, listed in the National Register of
Historic Places. This circa 1870 building was rehabilitated for modern residential use and now houses four apartments after the nearly $90,000
rehabilitation. The project received the 20-percnt Federal Historic Rehabilitation Investment Tax Credit.
Shawnee Hotel, 102 E. Main St., Springfield, listed in the National Register of Historic Places is a Neoclassic style eight-story
building built in 1916 that was rehabilitated for modern residential use and now contains 84 apartments for the elderly. After the nearly $14.3
million rehabilitation, the project received the 20-percent Federal Historic Rehabilitation Investment Tax Credit and the 25-percent Ohio Historic
Preservation Tax Credit.
Prospect Building, 1040-1106 Prospect Ave., is in Cleveland’s Lower Prospect/Huron Historic District, which is listed in the National
Register of Historic Places. This 1910 five-story building was originally used for various commercial and light industrial uses. Today, after the
$6.4 million rehabilitation, the building houses two commercial spaces and 25 market-rate apartments. The project received the 20-percent Federal
Historic Rehabilitation Investment Tax Credit.
Sunshine Cloak Company Building, 2310 Superior Ave., is in Cleveland’s Superior Avenue Historic District, listed in the National
Register of Historic Places. This three-story 1911 industrial building is significant to the history of Cleveland’s garment industry. The building
was rehabilitated for modern commercial use. After the nearly $7 million rehabilitation, the project received the 20-percent Federal Historic
Rehabilitation Investment Tax Credit and the 25-percent Ohio Historic Preservation Tax Credit.
Harkavy Hall, 24 W. 12th St., is in Cincinnati’s Over the Rhine Historic District, which is in the National Register of Historic
Places. This late 19th-century, three-story hotel was rehabilitated for residential use. After the nearly $2.5 million rehabilitation, the project
received the 20-percent Federal Historic Rehabilitation Investment Tax Credit.
Realty Building, 47 Federal Plaza, in Youngstown is individually listed in the National Register of Historic Places. This 1924
12-story office building was rehabilitated for residential use. This building now contains 24 housing units after the nearly $8.2 million
rehabilitation. The project received the 20-percent Federal Historic Rehabilitation Investment Tax Credit and the 25-percent Ohio Historic
Preservation Tax Credit.
The Golden Lamb Inn, 27-31 S. Broadway St., Lebanon, is individually listed in the National Register of Historic Places. This 1815
four-story inn was rehabilitated for continued hotel and restaurant uses. The cost of the rehabilitation was over $4 million and the project
received the 20-percent Federal Historic Rehabilitation Investment Tax Credit and the 25- percent Ohio Historic Preservation Tax Credit.
The Domiciliary Barracks, 4100 W. Third St., is in Dayton’s Central Branch, National Home for Disabled Volunteer Soldiers District,
which is in the National Register of Historic Places. This circa 1900 three-story barracks was rehabilitated for supportive housing for disabled
veterans. After the $4 million rehabilitation, the project received the 20-percent Federal Historic Rehabilitation Investment Tax Credit.
The Andrew Jackson Residence, 277 E. Main St., Akron, is individually listed in the National Register of Historic Places. This circa
1870 Second Empire style mansion was built by Jackson, a prominent 19th-century Akron businessman. The building now houses professional offices
after the nearly $3.4 million rehabilitation. The project received both the 20-percent Federal Historic Rehabilitation Investment Tax Credit and
the 25-percent Ohio Historic Preservation Tax Credit.
The Seneca Hotel, 361 East Broad Street, Columbus, was listed in the National Register of Historic Places in 1983. Built with
elements of the English Renaissance Revival style, the 1917 hotel with its 1918 garage and 1925 four-story addition was used most recently as
offices before the $20.7 million rehabilitation project converted it to 78 apartments with retail space on the first floor. The project received
the 20-percent Federal Historic Rehabilitation Investment Tax Credit and the 25-percent Ohio Historic Preservation Tax Credit.
Riverview Apartments, 1829-1839 North Summit Street, Toledo, is listed individually in the National Register of Historic Places.
Constructed in the Italianate style in 1881, with Queen Anne style wings added in 1890, Riverview comprised six townhouses. It was divided into 22
apartments in 1926 and was most recently converted to 12 units. The apartments were rehabilitated during a $261,000 project, which received the
20-percent Federal Historic Rehabilitation Tax Credit.
The Ohio Historic Preservation Office is Ohio’s official historic preservation agency. A part of the Ohio Historical Society, it
identifies historic places in Ohio, nominates properties to the National Register of Historic Places, consults on federally-assisted projects for
effects on historic, architectural and archaeological resources in Ohio, qualifies communities for the Certified Local Government program,
administers a competitive matching grant program, consults on the conservation of older buildings and sites, conducts Building Doctor clinics
throughout Ohio and offers educational programs and publications.
For additional information on the tax credits, visit: www.ohpo.org and click on “Tax Incentives for Rehabilitation.”
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