Together with other historic preservation advocates, NTCIC recently submitted a statement for the record in response to a Senate Finance Committee hearing to ensure that the Committee appreciates the value of the federal historic tax credit in promoting affordable housing.
On August 1st the Senate Finance Committee held a hearing on “America’s Affordable Housing Crisis: Challenges and Solutions.” The hearing had bipartisan support highlighting the need to increase affordable housing nationwide. As a part of their testimonies, committee members identified the Low-Income Housing Tax Credit (LIHTC) as one of the major tools to create that desired increase. Members also made the connection between affordable housing and historic buildings.
In response to the hearing, NTCIC, along with the National Trust for Historic Preservation and the Historic Tax Credit Coalition submitted a statement for the record. The statement identified that the federal Historic Tax Credit (HTC) is another contributing tool for economic development and affordable housing growth; The HTC adds value to existing programs, like the LIHTC, that seeks to address the lack of affordable housing for Americans. Both LIHTCs and HTCs are needed in order to strengthen our communities nationwide. For the full statement visit: https://live-national-trust-community-investment-corporation.pantheonsite.io/resources/affordable-housing-sfc-response/
The HTC also supports affordable housing when combined with the New Markets Tax Credit (NMTC) for mixed-use projects. NTCIC’s Jobs Café project in Cincinnati, Ohio is a strong example. This is the substantial rehabilitation and adaptive reuse of eight historic buildings located in a three block area of the Over-the-Rhine neighborhood. Once complete, the project will provide 91,000 square feet of office, retail, restaurant, incubator, and affordable housing space. To learn more about Jobs Café visit: https://live-national-trust-community-investment-corporation.pantheonsite.io/projects/jobs-cafe-findlay-market/.