Sign Up For Novogradac Industry Alert Emails

NPS Reports HTC Spurred $7.3 Billion in Private Investment, 122,000 New Jobs in FY 2022

Wednesday, February 28, 2024 - 9:19AM

Properties with rehabilitation funded by federal historic tax credit (HTC) equity totaled $7.3 billion in private investment and created 122,000 new jobs during fiscal year 2022 (FY 2022), according to a report issued this week by the National Park Service (NPS). The Annual Report on the Economic Impact of the Federal Historic Tax Credit for Fiscal Year 2022 also showed that half of certified rehabilitation projects in 2022 were in low- and moderate-income areas, 78% were in economically distressed areas and 29% were in communities of less than 50,000 residents. The NPS also released Federal Tax Incentives for Rehabilitating Historic Buildings, another annual report that provides further data and state-by-state activity for properties financed by the federal HTC. New York had the most NPS Part 3 approvals and the most qualified rehabilitation expenditures (QREs) of any state, with 509 Part 3 approvals and $3.97 billion in QREs in FY 2022.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.

Learn more about Novogradac's expertise and many services