|Ohio awards historic preservation tax credits|
|Written by By Associated Press|
|Sunday, 01 July 2012 06:21|
COLUMBUS, Ohio (AP) — Ohio has awarded $35.8 million in tax credits to owners planning to rehabilitate 44 historic buildings throughout the state.
The Ohio Department of Development recently announced the tax credits. They will go to 18 owners in 10 Ohio communities including Toledo, Columbus, Cincinnati and Dayton. Planned private investments in the projects total nearly $238 million.
State officials say the credits represent about 25 percent of estimated project costs.
The rehabilitation work must be completed according to U.S. Department of Interior rehabilitation standards before the credits are issued.
Development Department Director Christiane (KRIS'-tee-an) Schmenk says historic preservation improves communities and creates jobs from construction and operations.
A Cleveland State University study released in May 2011 found that $1 million in tax credits generates $40 million in total economic activity.
Copyright 2012 The Associated Press.
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