National Park Service Press Release
WASHINGTON – Private investment in historic preservation is alive and well, as outlined in a series of reports on the National Park Service’s Federal Historic Preservation Tax Incentives Program. Projects certified through the program in Fiscal Year 2014 have contributed more than $9.1 billion in output in terms of goods and services to the U.S. economy, and added $4.6 billion in gross domestic product, according to an analysis by the Rutgers University Center for Urban Policy Research.
The Federal Historic Preservation Tax Incentives Program is the single-largest Federal program that specifically supports historic preservation and is one of the nation’s most effective programs to promote historic preservation and community revitalization. In Fiscal Year 2014, the National Park Service approved $5.98 billion in proposed tax credit-eligible projects and certified another $4.32 billion in completed projects to rehabilitate historic buildings.
“While the National Park Service is known for protecting our nation’s extraordinary landscapes, we also help communities across the nation preserve their historic buildings through the Federal Historic Preservation Tax Incentives Program,” said National Park Service Director Jonathan B. Jarvis. “This program is supporting record-breaking investments in historic preservation, encouraging community revitalization, and helping cities, towns and historic neighborhoods across the nation preserve their history.”
The 762 completed projects certified by the National Park Service in Fiscal Year 2014, between October 2013 and September 2014, supported 77,762 jobs and provided 6,540 new low- and moderate-income housing units, and 19,786 new or renovated housing units overall.
The program, commonly known as the federal historic tax credit program, provides a 20-percent federal tax credit to property owners who undertake a substantial rehabilitation of a historic building in a commercial or other income producing use, while maintaining its historic character.
The program is administered by the National Park Service and the Internal Revenue Service, in partnership with the State Historic Preservation Office. The National Park Service certifies that a building is historic, and therefore eligible for the program, and that the rehabilitation preserves the building’s historic character.
Established in 1976, the program has preserved more than 40,380 historic properties and generated more than $73 billion in private investment, created 2.47 million jobs, and produced 137,978 low- and moderate-income housing units, and a quarter of a million new housing units overall.
Across the country, the tax incentives program has helped to revive abandoned or underutilized schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, agricultural buildings, offices, and other buildings, and, in turn, has helped support the redevelopment of entire downtowns and neighborhoods. It also supports community revitalization, job creation, affordable housing, small businesses, farms and Main Street development, among other economic benefits.
The recently-issued Fiscal Year 2014 report on the economic impacts of the federal historic tax credit, as well as annual and statistical reports completed earlier in the year, is available online at http://www.nps.gov/tps/tax-incentives/reports.htm.
About the National Park Service. More than 20,000 National Park Service employees care for America's 408 national parks and work with communities across the nation to help preserve local history and create close-to-home recreational opportunities. Visit us at www.nps.gov, on Facebook www.facebook.com/nationalparkservice, Twitter www.twitter.com/natlparkservice, and YouTube www.youtube.com/nationalparkservice.