State historic tax credit programs create jobs, livable urban communities
Not all state historic tax credit programs are created equal, according to a recent post in Preservation Nation. But the economic results can be impressive. In Missouri, in just ten years, over 900 rehabilitation projects in 37 counties and 55 communities across the state have been completed thanks to that state’s 25% historic tax credit. This translates into over $2 billion that has been invested in the rehabilitation of historic buildings.
Missouri’s nationally recognized tax credit program has created jobs and generated enormous economic activity. From the rehabilitation of Main Streets and residences to the transformation of major urban centers, the impact of Missouri’s policy can be seen across the state. One of the biggest success stories comes from St. Louis, where the credit was used to help rehabilitate nearly 100 vacant and abandoned buildings in the core of the city. According to John Williams, the president of the St. Louis Association of Realtors, “Economically, restoration projects have created well-paying jobs and increased tourism dollars. Property vales have increased, as well as revenue to local municipalities. Environmentally, restoring versus demolishing old buildings has helped reduce construction debris and conserve energy. Psychologically, more people are considering downtown as a viable place to work, play and live.”