The National Park Service’s 2008 annual report on the use and impact of the federal historic rehabilitation tax credit on real estate investment shows, once again, a direct correlation between existence of a companion state historic tax credit and the level of investment in historic rehab projects.
The national highlights :
- $5.64 billion in leveraged investment in historic rehabilitation projects linked to federal tax credits
- 17,051 housing units created, 5,220 of them low/moderate income
- 67,700 (estimated) jobs created
Now for the New Jersey perspective:
- New Jersey was #27 in the number of “new” (Part 2) projects approved, sharing the spot with Montana & New Mexico. NJ’s two approved projects compares to Missouri’s 153, Virginia’s 119, Ohio’s 85, Maryland’s 39 and Rhode Island’s 31. (The latter 5 states all have companion state credits, NJ does not.)
- NJ is #25 in finished federal tax credit-driven projects: three (3) completed projects. Missouri = 134, Virginia = 73, Maryland = 61
- NJ moved up to 9th place in the value of completed projects in 2008, at $137 million. Missouri = $376 m, Massachusetts = $324 (that state, too, has a state tax credit), Virginia = $242 m
Perhaps the reader sees a pattern?
Read the report” nps-2008taxcredit_report2
