In late July, Greater Ohio Policy Center, in partnership with the Neighborhood Homes Coalition, held a series of discussions around the Neighborhood Homes Tax Credit (NHTC), a new federal policy proposal aimed at stabilizing and improving distressed housing markets. The Land Bank Center of Columbus and Franklin County generously hosted the events.
As you may know, the Ohio Senate has unveiled a proposal to put a 2-year freeze on Ohio Historic Preservation Tax Credit projects beginning this July. The Ohio Historic Preservation Tax Credit has been an important tool in revitalizing Ohio’s communities and strengthening our metro economies. We need to keep this going to create jobs and vibrant communities in which people want to live and work. Why is the Ohio Historic Preservation Tax Credits program good for Ohio?
1. Job Creation. Since the start of the Ohio Historic Preservation Tax Credit Program in 2007, more than 21,000 permanent jobs and more than 20,000 construction jobs have been created.
2. Economic Development. Every $1 of Ohio Historic Preservation Tax Credit will leverage at least $6.71 in investment. This proposed moratorium will kill major revitalization projects that are already in the pipeline and underway but not yet complete and it will put the entire program in jeopardy.
Please email your senator TODAY and tell him or her why this moratorium is a bad idea for your community and for Ohio and ask the committee to remove the proposal from the Senate Budget Bill. You can find your senator’s contact information here: http://www.ohiosenate.gov/senate/members/senate-directory