Community Restoration and Revitalization Act
9/16/2009
Legislation to strengthen the federal historic tax credit and expand the use to smaller projects to be introduced September 18 to U.S. House
The Restoration and Revitalization Act would increase the current historic tax credit from 20 to 30 percent for projects of $5 million or less. The deeper credit would increase net equity for such projects and make them more attractive to private investors. The bill also allows more conversion of older buildings for housing, and would link historic preservation to energy efficiency. Another section would permit a 10 percent credit for rehabilitating older buildings that would be used for rental housing, such as “above-the-store” units often found along downtown commercial corridors. The legislation also would allow the transfer of rehabilitation tax credits to those outside the development partnership for projects under $5 million, which could lure more investment in such projects.
Here’s what you can do:
1. Become familiar with the benefits of the bill by reading the summary by the Historic Tax Credit Coalition.
2. Ask your U.S. representative and senators to sign on as co-sponsors to the bill. Click here for a sample letter. For contact information for your legislators, go to http://www.visi.com/juan/congress/
3. Learn more at http://www.preservationalliance.com/
Legislative Update 2009 Archives
- 12/11/2009 Bill 090841: International Building Code (CurrentCurrentCurrentCurrent)
- 09/18/2009 Bill 090520: Economic Opportunity Plans (CurrentCurrentCurrent)
- 09/18/2009 Zoning Board of Adjustment Legislation (CurrentCurrentCurrent)
- 09/16/2009 Community Restoration and Revitalization Act (CurrentCurrentCurrentCurrentCurrentCurrent)
- 09/09/2009 Plan C Budget (CurrentCurrentCurrentCurrentCurrentCurrent)
- 08/13/2009 Mayor’s Task Force Makes Recommendations on Tax Structure and Development Climate (CurrentCurrentCurrent)
- 05/18/2009 Mayor’s Task Force on Tax Policy & Economic Competitiveness (Current)
- 05/13/2009 Bill 090349: Councilmember Krajewski Proposes Delaware River Conservation District (CurrentCurrentCurrentCurrentCurrentCurrent)
- 04/24/2009 Bill 090326: First Philadelphia Program (CurrentCurrentCurrent)
- 04/21/2009 Bill 090127: Authorizes L&I to Extend Permit Expiration Dates (Current)
- 04/21/2009 Bill 090127: Authorizes L&I to Extend Permit Expiration Dates (CurrentCurrent)
- 04/21/2009 Bill 090191: Prohibits ZBA Special Approvals from Being Transferred to Another Parcel (CurrentCurrentCurrent)
- 04/21/2009 Bill 090294: PCPC Approval of Plans of Development in Commercial Entertainment District (CurrentCurrentCurrentCurrentCurrentCurrent)
- 04/21/2009 Bill 090190: Provisions for Bicycle Parking Introduced (CurrentCurrentCurrent)
- 03/13/2009 Tax Abatement Legislation (CurrentCurrentCurrent)
- 03/11/2009 PVC Pipe Legislation (CurrentCurrentCurrent)
- 03/05/2009 Bill 090170: Central Delaware Riverfront Overlay District (CurrentCurrentCurrent)
- 03/05/2009 Bill 080025: LEED Certification for Publicly Funded Buildings (CurrentCurrentCurrent)
- 02/17/2009 Transit-Oriented Development Legislation (CurrentCurrentCurrent)