Allison BarnetteOhio Gov. Mike DeWine has announced more than $66 million in state tax credits to support historic preservation projects across 13 communities. The credits are part of the Ohio Historic Preservation Tax Credit Program, encouraging private investment in the rehabilitation of historic buildings.
These dollar-for-dollar credits offset developers’ tax liabilities after all federal and state requirements are met. Some program qualifications and requirements include:
- Competitive selection occurs twice a year.
- Historic qualification involves an assessment of each project’s eligibility and compliance with the Secretary of the Interior’s regulations and mandates.
- Tax credits are awarded only after construction finishes and compliance is confirmed.
The Ohio Historic Preservation Tax Credit Program is jointly managed by the Ohio Department of Development and Ohio History Connection’s State Historic Preservation Office. Developers can also pair these credits with the federal Historic Tax Credit, which provides another 20 percent for eligible projects.
The 39 selected projects will help preserve or revitalize 47 buildings and are expected to generate approximately$518 million in additional private investment. Many of these structures are unused, and state officials want to modernize these facilities while preserving their heritage. Cities benefiting include Akron, Cincinnati, Cleveland, Dayton, Toledo, Marysville and Trotwood.
One significant project is the Marysville Light & Water Company Plant. The historic 1891 facility is being transformed into a mixed-use campus including a 72-unit apartment complex, spa, fitness center and offices. Its developers may receive $2 million in tax credits for a total project cost of more than $21 million.
Another high-profile project is the Trotwood Sears redevelopment, which is eligible for $2.5 million in tax credits. Developers will also receive $2 million in support from a Congressional Community Project Fund grant.
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