The National Trust for Historic Preservation released the first-ever study on the catalytic impacts a federal historic tax credit project has on the surrounding neighborhood. Donovan Rypkema of PlaceEconomics studied the neighborhoods surrounding six projects in Georgia, Maryland and Utah. Using different measures, he found that these historic tax credit projects had increased the number of construction permits, business licenses, property values and in some cases, population.
The study revealed that the economic impact of the historic tax credit has spurred private sector investments of $109 billion in the rehabilitation of nearly 39,600 historic buildings nation wide. This, in turn, has generated 2.4 million jobs and $91.5 billion in income.
The report found that the historic tax credit isn’t just about transforming historic buildings, but instead it is about transforming communities. Stephanie K. Meeks, the President of the National Trust said that he federal historic tax credit has created jobs, fueled local economies, and revived forgotten treasures of our past. “By breathing life into vacant warehouses, factories, hotels and more, the federal historic tax credit brings new hope and stability to neighborhoods, setting the stage for additional investments.”
You can read the full study here: Catalyst for Change- The Federal Historic Tax Credit