historic preservation

Senators introduce bi-partisan legislation that would improve the Historic Rehabilitation Tax Credit

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American Brewing Building, Baltimore, MD
The American Brewery Building in Baltimore, MD, was redeveloped with the help of the Historic Preservation Tax Credit. Photo via the National Trust for Historic Preservation.

In June Senators Ben Cardin (D-MD) and Susan Collins (R-ME) introduced S. 1141 The Creating American Prosperity Through Preservation (CAPP) Act, a bill that would encourage developers to invest in and restore historic buildings by updating the Historic Rehabilitation Tax Credit program.

Since its inception in 1976, the Historic Rehabilitation Tax Credit program has leveraged more than $106 billion of private-sector investment to preserve and rehabilitate more than 38,000 historic properties. The credit program has rehabilitated more than 75,000 low- and moderate-income housing units. In fact, nearly 75 percent of Historic Tax Credit projects are in low-income areas.

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Using historic preservation tax credits to revitalize urban communities in Rhode Island

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The Alice Building in downtown Providence, RI, was built in 1898 and recently renovated to become apartments in the heart of town. Photo by Flickr user Mr. Ducke.

Advocates in Rhode Island seek to reinstitute the state’s Historic Preservation Investment Tax Credit. The redevelopment success of the previous credit, and Rhode Island’s need for affordable housing and economic stimulation, means that restoring the credit will be key to help the State successfully recharge its real estate sector. Restoring the credit will also help to implement Rhode Island’s land use plan aimed to “achieve excellence in community design” by supporting redevelopment in traditional neighborhoods and focusing growth in town centers.

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Guest post: Dick Moe's legacy for history, community, and sustainability

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This post by SGA board member Kaid Benfield, originally appeared on his blog at the Natural Resources Defense Council (NRDC). We thank him for allowing us to reprint his post in full here, encourage you to read his blog daily, and join him in recognizing and thanking Richard Moe for his years of service preserving, building and advocating for American communities at the National Trust for Historic Preservation. As Kaid said to me, Smart Growth America might not exist without him. – Stephen Davis, SGA Communications Associate.

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