The state awarded nearly $35 million in Ohio Historic Preservation Tax Credits during the last week in June to historic building rehabilitation projects in 13 communities.
The tax credits were distributed among 30 new applicants who plan to rehabilitate 36 historic buildings. The projects are expected to spur over half a billion dollars in private investments across the state.
“Preserving these historic buildings creates opportunities for small businesses and revitalizes downtown’s,” Development Services Agency Director David Goodman said in a statement. “We’re capitalizing on what makes Ohio unique.”
Private developers will be able to use the tax credit awards to rehabilitate historic buildings, many of which are vacant and generate little economic activity. Once the rehabilitation is complete, the developers receive the tax credit and the refurbished buildings will drive further investment and increase interest in adjacent properties.
The two projects receiving the largest tax credit awards are the Dayton Arcade-Fourth Street and the Cincinnati Union Terminal, each receiving $5 million credit. The Arcade-Fourth Street project will revitalize a vacant historic public market space as a mixed-use area with housing, performance spaces, and commercial and office space. The Union Terminal project will update the historic building’s systems and spaces inside the Cincinnati Museum Center.