OTR, other buildings receive historic tax credits

Several Over-the-Rhine properties are among more than a dozen to receive Ohio Historic Preservation Tax Credits.

Five buildings along the 1400 block of Vine Street will receive just over $1 million in credits and six properties along the 1400 block of Race Street will receive $1.7 million as part of 3CDC’s Gateway Quarter project.

Ohio Lt. Governor Lee Fisher made the announcement in Over-the-Rhine on Thursday.

"The Historic Preservation Tax Credits will revitalize historically significant buildings that expand the tax base of our local communities and allow for the restoration of properties that are important symbols of Ohio’s history," says Fisher.

State Senator Eric Kearney joined the Lt. Governor in making the announcement.

"This program has been a focus of my office since I first came to the legislature," says Kearney.  "The benefit it will have for our historic neighborhoods is beyond words.  The credit moves projects off the drawing boards and into construction at a time when Cincinnati needs it most."

The state's investment is expected to leverage $13 million in private money, which will bring another 45 units and more than 10,000 square feet of commercial space to the neighborhood.

"The state of Ohio is to be commended for the Ohio Historic Preservation Tax Credit  program and its investment in economically distressed neighborhoods," says Steve Leeper, president and CEO of 3CDC.  "This support is critical to our success in Over-the-Rhine."

Renovations on the Over-the-Rhine buildings will begin next summer.

The Ohio Historic Preservation Tax Credit program, administered by the Ohio Department of Development, provides a 25 percent tax credit to developers who acquire and renovate historic properties.

In Cincinnati, the American Can Building, Arrow Apartments, Cincinnati Enquirer Building, and the Glencoe-Auburn Row Houses also received tax credits.

Statewide, 48 buildings received nearly $77 million in tax credits.

Writer: Kevin LeMaster
Sources: Matthew Gledhill, legislative aide for State Senator Eric Kearney