Our friends at the National Trust for Historic Preservation report progress on passage of a bill that would make beneficial changes to the federal rehabilitation tax credit and provide a greater incentive for the reuse of historic and older buildings.
The federal rehabilitation tax credit is the nation’s largest federal incentive promoting urban and rural revitalization through private investment in reusing historic buildings. The credit encourages reinvestment in downtowns, generates jobs, and is instrumental in preserving the historic places that give cities, towns and rural areas their unique character. Several recent projects in Greensboro have received credits, including Foundation Place (image, right), Natty Greene’s, and Revolution Mill.
While the credit has generated over $50 billion in renovation and revitalization dollars since it was enacted in 1976, it could do more. On October 1st, Representatives Allyson Schwartz and Pat Tiberi and Senators Olympia Snowe and Blanche Lincoln introduced bills (in the House and the Senate) that would provide several amendments to the existing federal rehabilitation tax credit to further its mission by encouraging substantial energy savings in historic buildings while spurring greater investment in commercial projects — particularly with smaller businesses located in older neighborhoods where there is a critical need for revitalization.
You can help in garnering support for this important package of amendments. Contact your Members of Congress today and ask them to be a cosponsor of the Community Restoration and Revitalization Act (H.R. 3715, S. 1743). Tell them these important changes will realize a greater potential for revitalizing communities in their district and across the country.
If your Members of Congress are already co-sponsors (find out here), please thank them for their support of historic preservation.
Learn more about the existing federal rehabilitation tax credit and the proposed amendments.