Although state historic tax credit programs across the country recently experienced cutbacks, Ohio communities plan to make the most of the funds from the most recent round of funding.
The State Historic Preservation Office and the Ohio Development Services Agency awarded projects across the state $28.4 million in historic preservation tax credits to rehabilitate 22 buildings in 11 communities, including projects in Over-the-Rhine and College Hill. Cincinnati projects received a total of $818,000.
The hope is that these credits will catalyze development and attract millions of dollars in additional private investment.
Local projects receiving tax credits include:
- The former Engine Company 22 firehouse at 222 W. 15th St. in OTR, which received $250,000. Developer Jim Daniels plans to restore the property into a mixed-use office space with a parking garage and an upper floor rental unit.
- Two other vacant buildings in OTR at 57 E. McMicken Ave. and 1662 Hamer St. received $225,000 for rehabilitation into nine apartments and ground-level commercial space.
- College Hill is receiving $188,000 in tax credits for developments at 5901 Hamilton Ave. — the former Dow Drugstore, which will be converted to commercial space and four apartment units.
- Also in College HIll, $155,000 will go to 5917 and 5932 Hamilton Ave., a former bakery/restaurant known as the Dollhouse and a bank building, respectively. Plans include first-floor commercial space and apartments. The Dollhouse in College Hill, 5917 Hamilton Ave. (Provided)
As the city continues to grow, the need for more residential and commercial space increases. State historic tax credits help complement the city's historic buildings, while making room for continued growth and migration.