The Historic Tax Credit is responsible for renovating more than 40,000 buildings across the country and attracting more than $131 billion in private revenue, but what if it could do more?
That’s question Alabama Rep. Terri Sewell along with Reps. Earl Blumenauer and Mike Kelly hope to answer by introducing the Historic Tax Credit Growth and Opportunity Act, also known as HR 2825.
The bill would update the credit for the first time in 30 years, making more buildings eligible.
It would also increase the credit from 20 to 30 percent for smaller deals where rehabilitation expenses are less than $3.75 million.
“Historic preservation continues to be the most powerful and effective strategy for revitalization for historic downtowns and neighborhoods,” REV CEO and President David Fleming said about the bill. “The proposed changes make it easier for smaller buildings and investors to improve their neighbors and main streets and raises the value of the credit.”
The expansion would also make it easier for non-profits to use it to open art centers, health centers and other community services, according to the National Trust for Historic Preservation.
The Historic Tax credit was enacted in 1986 and has created more than 2.5 million jobs. Locally, the tax credit played a part in many projects including the Redmont Hotel in 2017, the J.F. Oates Motor Company in 2014, the Avondale Fire Station #10 in 2017 and the Florentine Building in 2015.
“National treasures in Alabama’s 7th District tell the story of our nation’s fight for freedom and equality in the face of injustice,” Rep. Sewell said. “Not only are our historic sites important for history’s sake, they are also a source of sustainable economic growth that have brought jobs and investment to local communities. The Historic Tax Credit Growth and Opportunity Act will help preserve these historic sites and increase economic opportunity in my district.”
Show your support for the Historic Tax Credit Growth and Opportunity Act by visiting here.
Related News
-
Season 2 of Magic City Match is ready to help Black entrepreneurs grow
Filed Under: Business-Proving, Downtown Birmingham, Events, Filling Vacant Spaces, Front Page, Get Involved, Magic City Match, Potential-Proving, Small Business
Magic City Match is a program that transforms lives and opens doors for Black entrepreneurs and business owners. Led by REV Birmingham and powered by Prosper, this initiative aims to create opportunities for Black-owned businesses by matching them with brick-and-mortar spaces where they can thrive. After a successful pilot program in 2022, Magic City Match is back in action and ready to empower a new wave of entrepreneurs.
-
Unveiling the history of Woodlawn
Filed Under: Front Page, Historic Preservation, Small Business, Uncategorized, Woodlawn
One of the most legendary and storied neighborhoods of Birmingham is Woodlawn. It is a community, anchored by one of the great public high schools of Birmingham, that has produced many citizens who contributed to the life of our city and has had an impact beyond the neighborhood itself. In a short post like this true justice cannot be done to the rich heritage and legacy of Woodlawn. However, we hope that this narrative brings together many of the diverse threads that make up the fabric of the community’s historic arc in a concise piece.
-
Why your pup wants you to move to Downtown Birmingham
Filed Under: Downtown Birmingham, Family Friendly, Front Page, Why BHM
Woof, woof! I’ve been having an absolute blast visiting my sister in Downtown Birmingham. I can hardly wait to share all the details with you once you return from your vacation. In the meantime, I wanted to put paw to paper and tell you all about it, with the hope of convincing you that moving Downtown could be the most wonderful decision ever.