Last week the Ohio Department of Development handed out 48 tax credits last week for the redevelopment of Historic buildings.
Historic Preservation Tax Credits, worth $77 million, are designed to spur investment in old Ohio properties that need some help. This is such great news! Currently there are five projects in Central Ohio on the list. The program is a legacy of former Ohio Govenor Bob Taft who designated $120 million to spend on restoring Historic buildings by way of a tax credit system to those who applied for funding.
This year again, $120 million was set aside however some money was distributed to those who did not receive any last year as the scheme proved so popular.
In Columbus, Fred Schwab, Developer received $650,000 to aid the restoration of 1910-1920 Marion County Telephone Co. building which last underwent renovations after World War II. Since then however, the phone company bricked over the windows and abandoned the building. A real shame. However Fred wants to restore it to its former glory and convert the building into affordable housing units.
The scheme is an excellent way for the region to help preserve and restore/regenerate its city centers which often contain historic building in need of some attention.
If you are thinking about purchasing a home in New Albany or any of the other surrounding Central Ohio Villages in the Columbus Metropolitan area then please contact The Raines Group for professional Real Estate advice in the region.