On December 20, 2022, Ohio‘s Governor, Mike DeWine, along with the Lt. Governor, Jon Husted, announced state support for 54 rehabilitation projects that will restore 57 historic buildings across Ohio.
These revitalizing projects are expected to leverage approximately $1.01 billion in private investment.
“Revitalizing these underutilized spaces creates new opportunities for Ohioans and the local neighborhood,” said Lydia Mihalik, director of the Ohio Department of Development.
“These are unique spaces in our communities, and once they are transformed, they will be catalysts for future economic development and growth,” she continued.
The projects are being awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development.
In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits.
“By rehabilitating these historic buildings today, we can preserve the heart of our communities for future generations of Ohioans,” said DeWine.
“Once restored, these sites will help renew local communities and create additional opportunities for Ohioans,” he added.
The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods.
Many of the buildings are vacant today and generate little economic activity.
Once rehabilitated, they will help revitalize the community by driving further investment and interest in adjacent properties.
“In many cases, it’s more expensive to revitalize an historic structure than it is to build a new one. Historic tax credits generate opportunity for communities by attracting investment that would not make financial sense otherwise,” said Husted.
“When we preserve buildings that are part of a community’s historic legacy, we’re preserving the past and investing in the future of our great state,” he concluded.
Redevelopers are not issued the tax credit until project construction is complete and all program requirements are verified.
The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office.
The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation.
Senate Bill (SB) 225 was signed by Governor DeWine on June 14, 2022, and became effective Sept. 13, 2022. SB 225 includes temporary and permanent changes to the OHPTC program, which have been incorporated into Round 29.
Photo of Grafton Hill in Dayton, Ohio is courtesy of Historic Grafton Hill.