How Historic Tax Credits Work
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Transcript of How Historic Tax Credits Work
Welcome to
Heritage Ohio’s
Tax Credit Workshop
Springfield, Ohio
Overview of how to use
various tax credit tools and
how to work with historic
buildings for successful
rehabilitation projects
Today’s Goal:
• How Tax Credits Work- Overview by Duane Van Dyke from
Van Dyke Architects
• Developer Story by Steve Coon from Coon Restoration and
Sealants
• Structuring the Deal Overview by Don Longwell from
Longwell Legal Networking Lunch.
Today’s Agenda:
• Preparation and Application- Overview by Ed McCall from
McCall Sharp Architects & Judith Kitchen from Ohio Historic
Preservation Office
• Ohio’s Urban Opportunity by Mark Lundine from Ohio
Department of Development
• Financing the Deal- Overview by PNC
• Tour
Today’s Agenda:
Provide financial incentive to encourage the
reuse of historic buildings instead of allowing
them to fall into disrepair or tearing them down.
What do Historic Tax Credits Do?
An indirect federal or state subsidy
used to finance the rehabilitation
of historic and older buildings.
What is a Tax Credit?
•Federal Historic Tax Credits
•State Historic Tax Credits
•Federal New Market Tax Credit
•State New Market Tax Credit
•Low Income Housing Tax Credits
•Façade & Lost Development Easements
What are the different types of tax credits available for real estate projects?
But why Historic Tax Credits?
Does Ohio want to attract and retain the next generation?
Does Ohio want to attract entrepreneurs of all ages?
Does Ohio want to create jobs?
We can do it by creating cool, hip,
vibrant, walkable, sustainable urban
neighborhoods- large and small.
Improving Quality of Life here in Ohio
Creating JOBS and increases property values
Contributing to income, property, and sales tax in the region
Contributing to making Ohio a success
Encouraging Heritage Tourism
Historic Preservation is not about saving old buildings but:
James H. Gilmore / Authenticity: What Consumers Really Want.
Ohio has the third most historic
structures & districtson the National Register in the
country.
This is one of our great competitive
advantages.
Historic Sites and Structures in Ohio
Heritage Ohio’s role in the Ohio Historic Tax Credit:
Goals: Large & Small Projects
Easy to UseReduce Developer’s Risk
Historic Tax Credit Projects in the Historic Gateway Neighborhood and Historic Warehouse District- Tax Credits were responsible for over $1 Billion in redevelopment in these two neighborhoods.
Cleveland Arcade
Colonial Marketplace
Schofield Building
East 4th Street, Cleveland
Warehouse District, Cleveland
668 Euclid Ave., Cleveland
Euclid Ave., Cleveland
Shawnee
NorwalkTiffin
Newark
Holland Theatre Bellefontaine
Cincinnati
Akron
Saint Clairsville
Lancaster
Bellevue
Portsmouth
Mid Century Modern
Breuer Tower ASM World Headquarters
These Historic Buildings are one of Ohio’s Great “Natural” Resources
Ohio’s Future: This Place Matters…
…and Your Place Matters