News
Ohio Awards $38 Million in Historic Tax Credits
By: Associated Press
Posted on:
COLUMBUS, Ohio (AP) — State officials say nearly $38 million in historic preservation tax credits will go to projects aimed at revitalizing and rehabilitating 55 historic buildings in Ohio.
The state’s Development Services Agency says the projects are expected to leverage about $285 million in private investments in 13 communities.
The agency says the tax credits will help private developers renovate historic buildings in downtowns and neighborhoods. Many of the structures are vacant and generate little economic activity.
Developers don’t receive the tax credit until construction is finished and the program’s requirements are met.
Tax credit projects include updates to the Cleveland Athletic Club, the Drexel Theatre just outside Columbus, the Wittenberg Fieldhouse in Springfield, and several buildings in the Over-the-Rhine historic district in Cincinnati.