Housing Bill Enhances the Federal Historic Tax Credit

Posted on: August 19th, 2008 by Sarah Heffern 2 Comments

Federal tax policy is a complicated thing - and something that, despite years of being a taxpayer, I don’t even begin to understand. One piece that I am able to grasp, however, is that offering tax credits for the rehabilitation of older and historic buildings helps make real gains in linking historic preservation to community revitalization nationwide.

Thanks to the housing bill passed late last month that included several key enhancements to this incentive, the federal historic tax credit will work even better in the future. Given that, in 2007, it sparked more than $4 billion in private investment and created more than 40,000 new jobs, the fact that it was improved even further is amazing.

What does the tax credit do? It rewards building owners who choose to renovate and rehabilitate historic and older structures for use as rental housing and other commercial purposes. In lower income areas, where the overlap between historic buildings and households in poverty is greatest, this transformation of what is often considered “blight” can help stabilize neighborhoods, reduce displacement, and build vibrant communities.

Follow the links to learn more about the National Trust's work to improve this great preservation tool and to find out more about commercial preservation funding.

-- Patrick J. Lally, Director of Congressional Affairs at the National Trust for Historic Preservation, contributed to this story.

The National Trust for Historic Preservation works to save America's historic places. Join us today to help protect the places that matter to you.

Sarah Heffern

Sarah Heffern

Sarah Heffern is the social media strategist for the National Trust’s Public Affairs team. While she embraces all things online and pixel-centric, she’s also a hard-core building hugger, having fallen for preservation in a fifth grade “Built Environment” class.

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2 Responses

  1. Links Links Links «

    August 22, 2008

    [...] time to be an old house.  According to the National Trust’s blog the terrible economy means fewer tear downs and as a little bonus the Congress’ latest housing bill bolsters preservation [...]

  2. J. Kearney

    September 16, 2008

    Will/can the Tax Credit, especially in its new expanded form be available to a privately owned property in the Historic Quapaw Distict of Little Rock AR, where we operate a 501.c.3 non profit corporation?

    We propose the restoration in such a eay that the 1st floor is for the corporation and multi purpose meetings. The upper level of the circa 1909 structure will be for residential purposed. This assumes a dual zone designation, for the area/site.

    Additionally, can such tax credit in a situatuion such as this – be used for the “greening” of an historic structure?