NPS Reports $6.56 Billion of HTC-Related Investment in Fiscal Year 2022

Wednesday, March 8, 2023 - 1:15PM

The National Park Service (NPS) issued more than 850 Part 3 certifications of completed work for the federal historic tax credit (HTC) in 2022, accounting for $6.56 billion in rehabilitation costs, according to an annual report. Federal Tax Incentives for Rehabilitating Historic Buildings: Annual Report for Fiscal Year 2022 also reported that 44% of completed federal HTC projects in 2022 had less than $1 million in qualified rehabilitation expenses (QREs) and that 17% of all projects had QREs of less than $250,000. There were 1,463 Part 1 certifications of significance and 1,187 Part 2 preliminary certifications of rehabilitation (Part 2) issued in 2022. During 2022, 5,533 housing units were rehabilitated and 9,036 new housing units were financed by the federal HTC. Of those, 6,789 were low- and moderate-income units. The 2022 figures come on the heels of a record-breaking 2021, when there was $7.16 billion in rehabilitation costs.

The Novogradac Introduction to Historic Tax Credits booklet provides an overview of the HTC and the intricacies of the incentive.

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