Merrill Hoopengardner, President of the National Trust Community Investment Corporation (NTCIC), writes in an article entitled "Historic Tax Credit Action Alert" that the Moving Forward Bill (H.R. 2.) recently passed by the House contains several benefits for the preservation and upgrade of historic buildings and other sites whose conversion or redevelopment has been slowed by the Corona Virus pandemic. She states, "The bill includes key Historic Tax Credit (HTC) improvements and temporary measures related to COVID-19 recovery that were recommended by historic preservation and community development advocates." Since the industrial states that are the focus of the Northeast/Midwest Institute contain many cities, towns and hamlets with significant numbers of historic edifices suitable for redevelopment this is important news for developers and city planners seeking to reinvigorate their local economies. Among other benefits, two key itewms in the bill are:
A 30% Historic Tax Credit for projects $2.5 million and less. Schools can be included.
Reduction of the Historic Rehab Test to 50% of a building’s basis instead of 100%. (Could parking lots, garages and ancillary structures benefit? We are exploring this avenue in the view of adding renewable energy installations to these structures)
Read the full article at the NTCIC webpage (ntcic.com) and also learn of advocacy efforts needed at the Senate level to push these important benefits forward.
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