Rutgers, NPS Report: Federal HTC Created $7.7 Billion in Rehabilitation Investment in 2018

Tuesday, September 24, 2019 - 12:30pm

Properties financed by federal historic tax credits (HTC) resulted in 128,500 jobs and $7.7 billion in rehabilitation investment in fiscal year 2018 (FY 2018) according to an annual report from Rutgers University and the National Park Service (NPS). The Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2018 reported that the NPS certified 1,013 historic rehabilitation projects in FY 2018, representing $6.9 billion in estimated rehabilitation costs that qualify for the 20 percent federal HTC. The report says that 51 percent of certified rehabilitation projects were in low- and moderate-income census tracts and 75 percent were in economically distressed areas. The report says that over the history of the HTC program, the credit has yielded $35.9 billion in federal tax receipts, compared to $30.8 billion in credits allocated.