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Elisabeth Knibbe, FAIA, LEED AP, is a principal in the Detroit office of Quinn Evans Architects. Since 1981, Michigan has benefited year after year from federal legislation called the Historic Tax Credit Improvement Act. Administered by the U.S. Department of the Interior, this forward-thinking program was enacted to stimulate economic growth and preserve our architectural heritage — particularly in depressed urban areas. The program has succeeded as originally envisioned, generating private investment, rehabilitating blighted properties, reinvigorating communities and creating a solid return on investment at every level of government. In cities such as Detroit and Lansing, and throughout Michigan and across the U.S., the impact of the historic tax credits has been a clear success story.Despite this widespread success replica hermes handbags , the historic tax credit program continues to be one of the federal programs still subject to significant cuts or elimination as Congress finalizes its 2017 Tax Cuts and Jobs Act. It shouldn’t be. The program is an unassailable example of government initiative at its best, with thousands of celebrated achievements to show for it. According to the National Trust for Historic Preservation, the program has created more than 2.4 million jobs nationally and leveraged more than $130 billion in private investment in our communities. More than 40,000 historic buildings have been saved through these credits. The federal government’s investment of $25.2 billion in tax credits has so far generated more than $29.8 billion in federal tax revenue.How does it work? First, consider the challenge that many communities — from major urban centers to small towns — face today as their downtowns have deteriorated. Run-down, vacant properties are unsightly, sometimes dangerous, and a drain on a community’s economic base. Rehabilitating these structures is often financially challenging, but when restored these buildings become the core of highly desirable, walkable communities.That’s where the historic tax credits come in. As an incentive to private investors, the federal government offers a 20 percent tax credit on qualified rehabilitation expenses if the building is listed on the National Register of Historic Places or certified as contributing to a historic district. This now includes many of our mid-century modern buildings, which are much in need of updating to meet contemporary needs.Though these preservation, rehabilitation, and adaptive use projects are complex, the credits provide just the carrot needed to encourage private developers to take the risk and save these local landmarks. From 2002 to 2016 in Michigan, $368 million in federal credits leveraged $2.2 billion in investments across 315 projects. These projects have created more than 17 edenaar ,000 permanent jobs and generated $344 million in federal tax revenue to date, not to mention state and local tax revenue. Clearly, this is a program that is a sound investment of tax dollars.One notable example is the Accident Fund Holdings headquarters in Lansing. Aided by the historic tax credits, a private developer saved the historic Ottawa Street Power Station, a 1930s-era Art Deco industrial building. This award-winning adaptive use project repurposed a long-vacant structure and provided an economic boost to the capital city, while saving an iconic structure from the past.Here in Detroit, there are numerous tax credit success stories. In the Midtown neighborhood, a striking mid-century modern high-rise once slated for demolition has instead been transformed into the Plaza, a mixed-use development with 86 residential units. Currently underway are a pair of stunning rehabilitation projects set side by side in the historic “Necklace District”: the Element Detroit at the Metropolitan and the Wurlitzer Building. Neither of these projects, soon to reopen as boutique hotels, would have proceeded without the historic tax credits. Both were blighted properties that had remained long vacant, but thanks to the tax incentives, these two early-20th century Renaissance Revival gems will be saved. Each year there are numerous examples just like this throughout Detroit — projects that have drawn private investment, created jobs, and rejuvenated neighborhoods.Rather than looking to eliminate or negatively impact the historic tax credits program, Congress should join us in celebrating these success stories — and allow the program to continue to help revitalize our communities.Editor’s note: This story has been changed to reflect the correct amount of tax revenue generated in Michigan through credits for historic building projects. Recent From OTHER VOICES Many steps keep autonomous vehicle testing safe McLellan's argument long on opinions, unsupported by evidence As MSU and Uber show, compliance starts at top Don't criminalize state decisions Bring Amtrak back to Michigan Central Station

Historic tax credits are a Michigan success story

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