Michigan Gov. Jennifer Granholm yesterday signed legislation that revises the state’s historic rehabilitation tax credits. The new opportunities for funding will spur construction, and thus job growth, supporters said.  The bill increases the state credits available and allows them to be refunded, sold or carried forward.  In the improved tax credit program, credits can be stacked with the federal credit, which means developers can get up to 40 percent total credits to put toward a historic rehabilitation project.

Historic rehab of the former Orphanage building in Grand Rapids, MI, used state historic tax credits with other incentives to rehab into headquarters of the nonprofit Inner City Christian Foundation (ICCF), a leader in affordable housing development

Historic rehab of the former Orphanage building in Grand Rapids, MI, used state historic tax credits with other incentives to rehab into headquarters of the nonprofit Inner City Christian Foundation (ICCF), a leader in affordable housing development

If Michigan, reeling under huge job losses and the meltdown of the American auto industry, sees the economic stimulus and “green” value of an investment in historic rehabilitation, why can’t New Jersey?  Enact the NJ Historic Porperties Revitalization Act NOW!