Six local rehab projects win Ohio tax credits

State historic preservation tax credits awarded Tuesday could help support $225.6 million of development projects around Ohio.

Eighteen projects around the state obtained $22.8 million of credits in the latest round of program funding.

“A community’s historic buildings make it unique,” said David Goodman, director of the Ohio Development Services Agency, in a news release. “Giving a building new life honors the history of the building while creating construction jobs in the short-term and opportunity for economic activity into the future.”

The awards help private developers rehabilitate historic buildings in downtowns and neighborhoods. The renovated buildings drive further investment and interest in adjacent properties. Developers don’t receive the credit until project construction is complete and all program requirements are verified.

The State Historic Preservation Office reviewed each project proposal to ensure that the rehabilitation work will protect the integrity of each historic building.

Here are the approved Cincinnati area projects:

Liberty and Elm, Over-the-Rhine 

  • Project cost – $21.4 million
  • Tax credit – $1.4 million
  • Address – 212-214 W. Liberty St., 1711-1713 Elm St.
  • Developer – Source 3 Development
  • Details – The Liberty and Elm project, now called Freeport Row, will rehabilitate historic buildings and build a new structure on currently vacant lots. About 15 percent of the project will be first-floor retail space with the remainder finished as 109 apartment units.