Ohio officials announced more than $56 million in tax credits to support rehabilitating historic buildings across the state.
The credits were awarded through the Ohio Historic Preservation Tax Credit Program, which provides financial incentives for the private redevelopment of Ohio’s historic buildings.
Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Department of Development Director Lydia Mihalik announced last week that 37 projects will be awarded $56,125,248 in tax credits to preserve 42 buildings across the state. The projects are expected to leverage approximately $715 million in private investments.
Among the 15 communities receiving tax credits are Akron, Barberton, Cincinnati, Cleveland, Columbus, Cuyahoga Heights, Dayton, Hamilton, Marion, Middletown, Niles, Steubenville, Toledo, Wellington, and Youngstown.
Tax credits will assist in preserving historic buildings, which are often vacant and generate little economic activity. The buildings will be rehabilitated into residential housing, commercial and office space, and manufacturing facilities. Once rehabilitated, they will drive further investment and interest in adjacent property.
Developers are only issued the tax credit once project construction is complete and all program requirements are verified.
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