Urban Development | Ohio Historic Preservation Tax Credits

2011 Annual Report

Themed “Renewed Program. Renewed Buildings. Renewed Communities.”, the 2011 Annual Report celebrates both the Ohio General Assembly’s commitment to renew the program in June 2011 and the literal renewal of historic buildings that the program facilitates. The report highlights the progress of the Ohio Historic Preservation Tax Credit Program during 2011, including the announcing of 26 new projects during Rounds 5-7 and reaching 49 completed projects. The completed projects represent more than $561 million in total investment, creating nearly 4,300 construction jobs and housing more than 6,600 permanent jobs and 1,270 housing units. The report spotlights three renewed buildings, including a former industrial complex in Cincinnati, an old hotel in the heart of downtown Cambridge, and a space-age office building in rural Geauga County where 70 jobs were retained in Ohio through rehabilitation of the building.

The economic impacts of the program were demonstrated in an Economic Impact Study completed by Cleveland State University in 2011. The study found that the first four rounds of the program are projected to generate $10 billion in total economic activity and create nearly 7,000 jobs annually. Additionally, the study found that for every $1 invested in Ohio Historic Preservation Tax Credits, $8 of construction spending and $32 of operating impacts will be generated, totaling $40 of economic activity. Renewal of these largely vacant buildings for productive economic use also generates new property, income, and sales tax revenues for state and local governments.



Round 8 Applications Under Review

The Ohio Department of Development is reviewing 27 applications for 61 historic buildings in Round 8 of the Ohio Historic Preservation Tax Credit program. Together, the applications are requesting a total of $48.4 million in tax credits and constitute planned investments of more than $300 million in the state. Applications came from 12 Ohio communities, including five communities new to the program.

A total of $29.6 million in tax credit allocation is currently available for Round 8 applicants. The Ohio Department of Development, in cooperation with the Ohio Historic Preservation Office, will complete application review by June 15, 2012. Approved applications will be announced no later than June 30, 2012.

 

Rounds 8 & 9 Application Periods

Round 8 – Spring 2012
- Application Submission Deadline: March 30
- Application Review Period: April 3 – June 15
- Approved Applications Announced: on or before June 30

Round 9 – Fall 2012
- Application Submission Deadline: September 30
- Application Review Period: October 1 – December 15
- Approved Applications Announced: on or before December 31


Program Summary

The Ohio Historic Preservation Tax Credit Program is administered by the Ohio Department of Development’s Office of Redevelopment, with assistance provided by the Ohio Historic Preservation Office of the Ohio Historical Society and the Ohio Department of Taxation. The Program provides a tax credit for the rehabilitation expenses to owners of historically significant buildings.

The tax credit provides 25 percent of qualified rehabilitation expenditures for historic rehabilitation projects. The expenditures represent hard construction costs generally consisting of improvements made to the building structure and interior. The work must meet the U.S. Secretary of Interior’s Standards for Rehabilitation of Historic Properties.

A building is eligible if it is individually listed on the National Register of Historic Places, is located in a registered historic district, is certified by Ohio's Preservation Officer as being of historic significance to the district, or is listed as a historic landmark by a certified local government.

Over the seven funding rounds, $279.3 million in tax credits have been approved for 126 applicants to rehabilitate 158 historic buildings in 30 different communities. The program is projected to leverage $1.64 billion in private redevelopment funding and federal tax credits directly through the rehabilitation projects.


Contact Us

For questions or comments regarding the Ohio Historic Preservation Tax Credit, please contact the Office of Redevelopment at (614) 995-2292 or by clicking E-mail us.