This week, the Ohio Department of Development announced that 48 projects have been approved for the Ohio Historic Preservation Tax Credit in fiscal years 2010 and 2011.  Together, these projects represent some $77 million in tax credits that will, in turn, leverage $464 million in investments in historic buildings across the state, according to this Press Release from the Department.

Interestingly, the projects funded for 2010 are located across the state, although many are located in Cincinnati and Columbus, however all of the 2011 recipients are either from Cleveland or Cincinnati.  Only 6 of the 48 credit packages are going to projects in communities with less than 50,000 population:

•    Carlisle Building (Chillicothe, Ross County)
•    The Golden Lamb (Lebanon, Warren County)
•    Lima Trust Building (Lima, Allen County)
•    Marion County Telephone Company Building (Marion, Marion County)
•    The Clarendon Hotel (St. Clairsville, Belmont County)
•    Seneca County Courthouse (Tiffin, Seneca County)

It does bear stating that the vast majority of applications submitted for the initial funding cycle were in larger communities, and all of these newly-funded applications are from that group.

Also included are the Terminal Tower in Cleveland, several properties in Cincinnati’s Over-the-Rhine neighborhood, and the former Elyria High School.

It would be impossible overestimate the importance of the Ohio Historic Preservation Tax Credit in helping Ohio communities experience the full impact of preservation-based development … a combination of economic revitalization and improved quality of life.  Over $40 million remains in as-yet unallocated tax credits; no new application cycle has been announced to date.

Photo: Ohio Statehouse, Summer 2008 - tlarrow/Creative Commons License