In March, the National Park Service released their latest Annual Report on the Historic Tax Credit program, the largest Federal investment in historic preservation.
Twenty-five Historic Tax Credit projects received their final application approvals in Maryland in 2019 representing an investment of over $50 million dollars in Qualified Rehabilitation Expenditures (QRE). Over the last five years, approved applications to this federal project have topped $500 million QRE applied to projects across the state.
While looking nationally, in 2019 the Historic Tax Credit in has:
- Documented over $5.77 billion dollars in private investment in historic preservation projects
- Brought in new nominations to the National Register of Historic Places including unique resources, like a naval air station, opera houses, convents, along with other property types
- Paired with available state historic tax credit programs, like the Heritage Structure Rehabilitation Tax Credit in Maryland
- Incentivized $102 billion dollars in estimated investment since the program’s start in 1977
Data about job creation and total project investment is easily accessible in Annual Reports and Economic Impact Reports on the National Park Service website for the last 10 years of the Historic Tax Credit program’s implementation. Each of these national reports typically highlights projects from across the country and includes a state-by-state breakdown of program investments. Additional information about specific Historic Tax Credit projects can be found in an interactive map created by Novogradac.