Community Restoration and Revitalization Act

9/16/2009

Legislation to strengthen the federal historic tax credit and expand the use to smaller projects to be introduced September 18 to U.S. House

The Restoration and Revitalization Act would increase the current historic tax credit from 20 to 30 percent for projects of $5 million or less. The deeper credit would increase net equity for such projects and make them more attractive to private investors. The bill also allows more conversion of older buildings for housing, and would link historic preservation to energy efficiency. Another section would permit a 10 percent credit for rehabilitating older buildings that would be used for rental housing, such as “above-the-store” units often found along downtown commercial corridors. The legislation also would allow the transfer of rehabilitation tax credits to those outside the development partnership for projects under $5 million, which could lure more investment in such projects.

Here’s what you can do: 
 
1.   Become familiar with the benefits of the bill by reading the summary by the Historic Tax Credit Coalition.

2.   Ask your U.S. representative and senators to sign on as co-sponsors to the bill. Click here for a sample letter. For contact information for your legislators, go to http://www.visi.com/juan/congress/

3.   Learn more at http://www.preservationalliance.com/