The Fiscal Year 2015 Annual Report from the National Park Service, Federal Tax Incentives for Rehabilitating Historic Buildings, reveals a program that helped provide homes for low- and moderate- income residents, boosted local economies, and created jobs.
In Fiscal Year 2015, nearly half of the projects certified by the National Park Service used both Federal and State Historic Tax Credits. The four states with the most rehabilitation activity in FY 2015 (Louisiana, Virginia, Missouri and Ohio) all have “piggyback” state historic credits.
The National Park Service certified $4.47 billion in rehabilitation work among 870 completed projects during FY-2015. About half of the projects included housing, a third of which were affordable units. All together, projects created more than 85,000 jobs across the country.
NPS approved 1,283 projects, which amounts to $6.63 billion of investment. Less than one third of these are adaptive reuse projects. About 72% of these historic rehabilitation structures are undergoing rehabilitation work to preserve the existing function of the building.
One of the projects highlighted in the report, Cristo Rey Columbus High School, won a 2015 Timmy Award.
