Private Investment in Historic Preservation Eclipses $2 Billion

“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,” said 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 the following:   

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. 12^th St., is in Cincinnati’s Over the Rhine Historic District, which is in the National Register of Historic Places.  This late 19^th-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.

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. 

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. 

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 19^th-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.

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.