The Ohio Historic Preservation Tax Credit program has reached a milestone—the completion of the 100th project supported by the program. Since 2006, the tax credit has helped communities enrich and repurpose the buildings that make them unique. These first 100 projects generated more than $1.4 billion in investment, rehabilitated 120 historic buildings, and created 3,439 housing units. The projects are located in 28 communities around the state and encompass more than 8.7 million square feet of space.
Ohio Historic Preservation Tax Credit Program Manager
Office of Strategic Business Investments
Business Services Division
The Ohio Historic Preservation Tax Credit Program provides a tax credit in order to leverage the private redevelopment of historic buildings. The program is highly competitive and receives applications bi-annually in March and September.
Over the fourteen completed funding rounds, tax credits have been approved for 256 projects to rehabilitate 350 historic buildings in 49 different Ohio communities. The program is projected to leverage nearly $3.8 billion in private redevelopment funding and federal tax credits directly through the rehabilitation projects.
Owners and long-term lessees of historically designated buildings who undertake a rehabilitation project may apply for the Ohio Historic Preservation Tax Credit. A building is eligible if it is individually listed on the National Register of Historic Places; contributes to a National Register Historic District, National Park Service Certified Historic District, or Certified Local Government historic district; or is listed as a local landmark by a Certified Local Government. Properties that will be used as a single-family residence or multi-family residential condominiums are not eligible.
The Ohio Historic Preservation Tax Credit Program provides a state tax credit up to 25 percent of qualified rehabilitation expenditures incurred during a rehabilitation projects. Applicants are eligible for no more than $5 million in tax credits unless approved as a catalytic project. The tax credit can be applied to applicable financial institutions, foreign and domestic insurance premiums or individual income taxes. Applicants that complete their project and receive a tax credit certificate with an effective date prior to June 30, 2017 can apply the tax credit against applicable commercial activity taxes.
Applications are received bi-annually in March and September for the Ohio Historic Preservation Tax Credit. Applicants file a competitive application with the Ohio Development Services Agency and applicable historic rehabilitation documentation with the State Historic Preservation Office. All applicants are required to schedule a pre-application meeting with the State Historic Preservation Office prior to submitting an application.
Round 15 Applications Under Review
The Ohio Development Services Agency and our partners at the State Historic Preservation Office are reviewing 60 applications for 85 historic buildings in Round 15 of the Ohio Historic Preservation Tax Credit program. Together, the applications are requesting a total of $155.3 million in tax credits. Applications were received from 21 Ohio communities, including nine communities new to the program.
The applications include $68.9 million in tax credit requests from three catalytic project applicants. Catalytic projects are large-scale rehabilitation projects that will foster significant economic development and are eligible to receive up to $25 million in tax credits pending increased review. Should a catalytic applicant be approved, only $2.5 million of the total project award would be allocated from the tax credit allocation available in the round.
A total of $27.5 million in tax credit allocation is currently available for Round 15 applicants. Approved applications will be announced no later than December 31, 2015.
Rounds 14 Awards Announced
The Ohio Development Services Agency awarded $27.5 million in Ohio Historic Preservation Tax Credits to 19 applicants planning to rehabilitate 33 historic buildings in eight communities across the state. The awards are expected to leverage nearly $275 million in private investments. Click here for a list of approved Round 14 projects.
Applications are being accepted for the Ohio Historic Preservation Tax Credit Pipeline Initiative. The application form can be downloaded under 'Pipeline Initiative' in the left-hand menu above.
The primary goal of the Pipeline Initiative is to develop a pipeline of properties that are eligible for redevelopment assistance through the Ohio Historic Preservation Tax Credit program. The initiative provides funding and technical assistance to assist in nominating buildings, districts, and areas to the National Register of Historic Places. Funding will be prioritized for projects that create the greatest potential for commercial and multi-family housing redevelopment. Four project types, as defined in the application document, will be eligible for grant funding.
Applications are accepted on an open-cycle and funded on a first-come, first-served basis, based on funding availability. Please see the application document for additional funding determination guidance. Prior to submitting an application, all applicants are required to discuss their project with program staff. Please contact the Lisa Brownell at firstname.lastname@example.org or (614) 298-2000 for more information or to discuss a potential project.