Ohio Governor Mike DeWine, joined by Lt. Governor Jim Tressel and Ohio Department of Development Director Lydia Mihalik, announced a significant initiative to support the preservation and revitalization of historic buildings across the state. The state will award over $66 million in tax credits through the Historic Preservation Tax Credit Program to fund the renovation of 47 historic buildings in 39 projects.
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$66 Million in Tax Credits
Governor DeWine highlighted the importance of preserving Ohio’s architectural heritage while fostering modern growth. “As Ohio’s cities and neighborhoods continue to grow and modernize, it’s essential that we honor and preserve the legacy that already exists,” DeWine said. The tax credits aim to restore historic buildings, making them valuable assets for Ohio’s future. The projects are expected to attract approximately $518 million in private investments, stimulating local economies and revitalizing communities.
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Revitalizing Vacant and Underused Structures
Revitalizing Vacant and Underused Structures Lt. Governor Tressel emphasized that many of the properties selected for preservation are currently vacant or underused. However, they offer significant potential for future use. “As these buildings are turned into homes, businesses, offices, and manufacturing facilities, these sites will most certainly spark additional investment and revitalization in the surrounding areas,” Tressel stated. This initiative not only protects Ohio’s heritage but also helps rejuvenate neighborhoods and create jobs.
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Writing Ohio’s Next Chapter
Lydia Mihalik, Director of the Ohio Department of Development, emphasized the role of historic buildings in telling the state’s story. “Historic buildings tell Ohio’s story – with these tax credits, we’re writing the next chapter,” she said. The program aims to preserve the unique character of Ohio’s communities while meeting modern needs such as affordable housing, small businesses, and cultural spaces for the arts.
A Wide Range of Communities Benefiting
The awarded projects span across 13 Ohio communities, including Akron, Canton, Cincinnati, Cleveland, Dayton, Logan, Toledo, Urbana, and Warren. New cities for this round of funding include Massillon, Marysville, Norwalk, and Trotwood. Developers will only receive the tax credit once construction is completed and all program requirements are met.
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Partnership for Preservation
The Ohio Historic Preservation Tax Credit program is managed in partnership with the Ohio History Connection’s State Historic Preservation Office. The office is responsible for determining whether a property qualifies as historic and ensuring that the rehabilitation plans adhere to federal standards for restoring historic buildings.
