The Tunison Flats housing project, located at 105-107 Frost Parkway, was awarded an Ohio Historic Preservation Tax Credit by the Ohio Development Services Agency. The project, a total investment of $620,902, will receive a $99,031 tax credit.
More information from the ODSA news release:
Today, the Ohio Development Services Agency awarded $22.8 million in Ohio Historic Preservation Tax Credits to 18 applicants planning to rehabilitate 33 historic buildings. Together, the projects are expected to bring approximately $225.6 million in private investment in 12 communities.
“A community’s historic buildings make it unique,” said David Goodman, director of the Ohio Development Services Agency. “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 will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. The renovated buildings drive further investment and interest in adjacent property. Developers are not issued the tax credit until project construction is complete and all program requirements are verified.
The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation.