The National Park Service recently released the Federal Tax Incentives for Rehabilitating Historic Buildings Annual Report for Fiscal Year 2020. The Federal Historic Tax Credit (HTC), administered by the National Park Service in partnership with the State Historic Preservation Offices, is the nation’s most effective incentive to promote historic preservation and community revitalization through historic rehabilitation.
With over 46,000 completed projects since its enactment in 1976, the HTC has leveraged over $109.2 billion in private investment in the rehabilitation of historic properties—spurring the rehabilitation of historic structures of every period, size, style, and type in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
The NTCIC supported Whittenberg University Field House restoration in Springfield, OH – featured in this year’s NPS annual report.
FY 2020 Annual Report Highlights:
- 989 completed projects generated an estimated $6.54 billion in estimated rehabilitation costs (compared to 1,042 in 2019)
- Of all projects completed in 2020:
- 46% were under $1 million in rehab costs (compared to 49% in 2019)
- 28% were between $1 million and $5 million in rehab costs (compared to 27% in 2019)
- 20% were between $5 million and $25 million in rehab costs (identical to 2019)
- 6% were over $25 million in rehab costs of all projects (compared to 4% in 2019)
- 16,624 housing units generated (5,730 rehabilitated & 10,894 new) (compared to 6,564 rehabilitated & 9,716 new in 2019)
- 5,889 low- and moderate-income housing units created (compared to 6,206 in 2019)
- 17% of projects did not yet list on the National Register of Historic Places (compared to 15% in 2019)
- 1,358 preliminary Part 2 certifications (compared to 1,317 in 2019)
- 1,376 Part 1 certifications of historical significance (compared to 1,501 in 2019)
HTC Advocacy Efforts:
Historic Tax Credit (HTC) advocates anticipate Congress will soon introduce a new version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO). In 2021, Congress will be considering multiple legislative vehicles that could contain robust tax titles, providing opportunities to enact some or all the provisions outlined in the bill.
The new bill will build on the provisions of the previous HTC-GO bill and the House infrastructure bill “The Moving Forward Act” (H.R. 2). Passed last July, “The Moving Forward Act” included temporary COVID-19 relief to HTC projects distressed by the pandemic, as well as several permanent HTC-GO enhancements to the credit. These provisions will bring relief to distressed projects, unlock new development opportunities -that presently are not feasible, bring more value to the HTC, and contribute to the economic recovery.
Advocate for the HTC Virtually at Preservation Advocacy Week 2021
March 8 – 11, 2021
Virtual conference hosted by Preservation Action & National Conference of SHPOs
This virtual conference will provide a new opportunity for HTC advocates to engage while remaining safe. It will feature in-depth advocacy training, policy briefings, networking opportunities (March 9th). Participants will also be able to participate in virtual Capitol Hill visits and meet with members of Congress and their staff (March 10th). The conference will provide an ideal forum to encourage co-sponsorship and support of the anticipated HTC bill, and share challenges encountered with HTC projects due to the pandemic.
Registration is now live, and to participate in Capitol Hill visits, please register as an “advocate.” Advocates will be connected to state coordinators who will be scheduling and facilitating the virtual Hill visits. If this is your first time participating in the conference, please email Michael Phillips at email@example.com to assist in connecting you with appropriate registration links and individuals coordinating the conference.