Ohio's Governor Mike DeWine, alongside Lt. Governor Jon Husted and Department of Development Director Lydia Mihalik, declared a substantial investment in the state's historical foundations today. More than $56 million in tax credits are being funneled into rehabilitating historic buildings across Ohio, aiming to reignite the pulse of communities statewide.
The funding of the Ohio Historic Preservation Tax Credit Program is set to support 37 distinct projects encompassing 42 buildings. The program aims to spark economic activity through revitalizing structures that, until now, languished underutilized and largely ignored. "By preserving our historic buildings, we’re retaining the unique identity of Ohio’s communities," Governor DeWine noted, according to a recent announcement. The overarching goal, to ensure these buildings reflect Ohio's history and contribute to its economic and communal future, is expected to leverage about $715 million in private investments – a substantial upturn for Ohio's local economies.
Lt. Governor Husted underscored the initiative's broader impact beyond mere aesthetics, stating, "Historic preservation is an economic driver in Ohio communities – it's more than just saving old buildings." Amply illustrates that the 15 communities set to benefit from the program include Akron, Toledo, and Cleveland. Each is slated to repurpose these historical markers toward residential housing, commercial, and manufacturing facilities, thereby nudging growth and development in adjacent areas.
Yet this maneuver for economic vitality also serves a deeper, communal narrative, marrying the past with the future. "Communities thrive where they honor their roots," Lydia Mihalik conveyed, evoking a vision where history and progress walk in step. The developments promise to bolster economies and stitch together the fabric of Ohio's heritage with its unfolding story. As for the credits, developers will only receive them upon the project's conclusion, ensuring that all program requirements are staunchly met.
It's a collaborative effort, as the program partners with the Ohio History Connection’s State Historic Preservation Office. They weigh in on the historical merit of the properties and whether the rehabilitation efforts align with the established standards. Mariangela Pfister of the Ohio History Connection captured the essence of this synergy, "Rehabilitation of historic buildings through the historic program and federal historic tax-credit programs revitalizes main streets, helps the environment by reusing a structure that is already built and creates jobs – with the bonus of preserving local history." According to Mike DeWine, Governor of Ohio.
The Ohio Department of Development's dedication to propelling communities forward is well-documented, and this move aligns with its mission of investing in Ohio’s people, places, and businesses. The Ohio History Connection, a steward of the state's narrative and historical resources, also stands behind this initiative, fostering a continuum from past to future – for the citizens of Ohio and beyond.
