The Ohio Department of Development recently announced that it is accepting applications for the third round of its Historic Preservation Tax Credit program as of July 1. $41.8 million in tax credits remaining from the Ohio Job Stimulus Plan’s $120 million historic preservation set-aside will be available during the new application period. Several improvements have been made to the program’s application process, including:
- Dividing the year-long application period into two six-month rounds to help applicants secure additional financing more quickly and allow projects to begin construction sooner;
- Expediting tax credit approvals by making the remaining stimulus funding for fiscal year 2010 available in Round 3 and the remaining stimulus funding for fiscal year 2011 in Round 4;
- Updated scoring criteria that measures projects’ potential economic impact and regional distributive balance of credits throughout the state;
- New program policies and updated administrative rules will be published before the beginning of the application period to better clarify the detailed processes and procedures.
