The National Park Service (NPS) has released its Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2015 and a supplementary Statistical Report and Analysis for Fiscal Year 2015. With over 41,250 completed projects since its inception in 1976, the historic tax credit program has generated over $78 billion in the rehabilitation of income-producing historic properties. According to the report, in fiscal year 2015, the number of approved proposed projects were 1,283. The investment in these projects totaled an estimated $6.63 billion, while the investment in the 870 certified completed projects totaled $4.47 billion. The median cost for proposed projects was $937,865 and $950,000 for certified projects. Completed Historic Tax Credit projects certified in fiscal year 2015 created an estimated 85,058 jobs, and 48 percent of completed projects certified in fiscal year 2015 used both federal and state historic tax credits. The four states with the most historic rehabilitation activity in fiscal year 2015 were Lousiana, Virginia, Missouri and Ohio.
The study further states, “While the historic preservation tax credit encourages the rehabilitation of historic buildings of national, state, and local significance, it also stimulates major private investment in our older, disinvested neighborhoods. Older cities and small towns across the country rely upon the historic tax credit program as an important tool to foster economic revitalization. Sometimes it takes only a single project to be a catalyst for other development on a Main Street or in a downtown neighborhood. Other times, several historic tax credit projects scattered within a commuity are needed to have a similar effect.”