A study of the Maryland rehab tax credit program, prepared by the Abell Foundation\u00a0<\/a>in 2009, called historic preservation tax credits a \u201ccommunity revitalization engine.\u201d\u00a0 The Abell report found that the state program stimulated investment, created jobs, and improved economies.\u00a0 In looking at residential projects (most Montgomery County rehab tax credits are for residential projects), the Abell report found that over the (then) 12 years of the program, the projects generated more than $354 million in economic activity, created jobs for nearly 3500 people, and generated (during construction alone) more than $23.5 million in state and local taxes.\u00a0 Moreover, a recently completed study\u00a0of Connecticut\u2019s tax credit program found that historic preservation projects created, on a per-dollar-invented basis, more jobs than new construction.<\/p>\n Many Montgomery County property owners benefit from both the county\u2019s and the state\u2019s tax credits.\u00a0 Montgomery County is second behind only Baltimore City in the number of state rehab tax credits for residential properties.\u00a0 Between 1996 and 2009, Montgomery County property owners received $6.3 million in Maryland rehab tax credits and invested more than $30 million in the rehabilitation of historic properties across the county.<\/p>\n And who doesn’t love a before and after? This is the Pagoda, Sorority House and Amend Hall at the National Seminary–before tax credit rehab<\/p><\/div>\n Looking a bit scruffy<\/p><\/div>\n As we wrap up another year of tax credit applications and celebrate the preservation benefit realized through these projects (thank you, historic property-owners!), let\u2019s not overlook the important positive economic impact these historic rehab projects have on the county through the jobs they created and the increased employment, sales, and real estate taxes generated for the county.<\/p>\n After rehab–neat, trim, and structurally sound<\/p><\/div>\n restored to former glory<\/p><\/div>\n thank you tax credits<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" by Scott Whipple<\/p>\n At Wednesday\u2019s Historic Preservation Commission\u00a0meeting, the HPC completed their review of the calendar year 2010 historic preservation tax credit\u00a0applications, recommending approval of a total of 59 applications.\u00a0 The projects represent nearly $1 million invested, much of which went directly into Montgomery County\u2019s economy in the form of maintenance to and rehabilitation of historic properties designated in the County\u2019s Master Plan for Historic Preservation.\u00a0 And the credits put $98,344 back in the pockets of county property owners.<\/p>\n A study of the Maryland rehab tax credit program, prepared by the Abell Foundation\u00a0in 2009, called historic preservation tax credits a \u201ccommunity revitalization engine.\u201d\u00a0 The Abell report found that the state program stimulated investment, created jobs, and improved economies.\u00a0 In … Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[4,5],"tags":[297,298,295,294,296],"class_list":["post-2602","post","type-post","status-publish","format-standard","hentry","category-architecture","category-planning","tag-abell-foundation","tag-historic-preservation-commission","tag-historic-preservation-tax-credits","tag-master-plan-for-historic-preservation","tag-national-seminary"],"_links":{"self":[{"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/posts\/2602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/comments?post=2602"}],"version-history":[{"count":9,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/posts\/2602\/revisions"}],"predecessor-version":[{"id":11034,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/posts\/2602\/revisions\/11034"}],"wp:attachment":[{"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/media?parent=2602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/categories?post=2602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/montgomeryplanning.org\/blog-design\/wp-json\/wp\/v2\/tags?post=2602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"\"](\"http:\/\/montgomeryplanning.org\/blog-design\/wp-content\/uploads\/2011\/09\/Pagoda-Soroity-House-Amend-Hall-S-Elev-1024x768.jpg\" "\\"Pagoda,")
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