Advocates of preservation development projects across the state were taken aback recently when the first press release announcing awards under the new historic preservation tax credit labeled it “…the $120 million Ohio Historic Preservation Tax Credit program….” (click here to access that announcement). This was the first mention of a possible cap on the program, which had been heralded as being available to 100 projects a year on a two-year trial basis.

Since November, preservation advocates have been interfacing with leaders in state government to identify the source for and permanence of the $120 million figure. This is a highly significant development, as applications submitted for the first year’s projects suggest that funding may already be an issue.

On Sunday, the Toledo Blade covered this story (click here) in the context of reviewing possible state assistance for the Seneca County Courthouse. One of the leading ideas for Courthouse funding is the use of the new tax credit, which is currently unavailable to county government. The Blade story points out that the 22 projects which have already been awarded credits have exceeded $50 million in tax credits – suggesting that money may dry up before many very deserving projects have had their chance. Over 50 additional applications are pending for this year alone. According to the Blade, the cap is for the program’s first year – however other sources state that the $120 million cap may actually be for the entire pilot program, which raises the spectre that the credit may be unavailable in the July 2008 application cycle.

Substantial discussion is taking place concerning this important issue, and Preservation Ohio will provide regular updates on MyHometownOhio concerning this development.

Photo: Ohio Statehouse -- Public Domain