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Historic buildings in Ohio to get help with tax breaks

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(The Center Square) – Ohio plans to give over $50 million in tax credits on 38 historic preservation projects.

The program is expected to support 59 rehabilitation projects and leverage about $523 million in public and private investments. The projects get funding from the Ohio Historic Preservation Tax Credit Program, administered by the Ohio Department of Development. Sixteen communities are expected to receive $50.6 million in tax credits.

“Ohio’s history is rich with innovation,” Gov. Mike DeWine said. “Many of these buildings were once home to the factories, shops, and offices that drove Ohio forward, and they still have a place in Ohio’s future. We are excited to help revive these historic structures so they can once again be a valuable part of their communities.”

The credits help private developers rehabilitate historic buildings in downtowns and neighborhoods. Many of the buildings are vacant and generate little economic activity. Developers are not issued the tax credit until project construction is complete and all program requirements are verified.

“Historic preservation is at the heart of opportunity across our state,” said Lydia Mihalik, director of the Ohio Department of Development. “By revitalizing our historic assets, we’re bringing new life to and invigorating our downtowns, and creating hubs for economic activity across our state.”

Seventeen of the projects are in the Cincinnati area, including the renovation of St. Mark’s Church at $21.8 million. The rehabilitation project will restore the church’s architecture and provide the Evanston neighborhood with a community area for event and business space and a teaching lab.

Also on the list is a $143.7 million project to rehabilitate the Park Synagogue in Cleveland Heights. The classroom wing of the synagogue will become 26 residential units, and 304 new residential units will be built on an adjacent parcel. Non-residential spaces in the building will be rehabilitated for event space.

“One of the virtues of this program is the ability to preserve our historic buildings while investing in the future,” Lt. Gov. Jon Husted said. “What was old is now new, cool, and vibrant.”

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