Park Service, State Officials Hosting Workshop On Preservation Tax Credits
DETROIT (WWJ) -- The National Park Service and the State Historic Preservation Office will hold a free workshop in Detroit about the Federal Historic Preservation Tax Credit Program.
The workshop is a follow up to then-U.S. Secretary of the Interior Ken Salazar's January 2013 visit to Detroit. Salazar convened a meeting of historic preservation stakeholders to get input about use of the tax credits, the impact of the incentives on economic development, and how the credits can be used to revitalize the Motor City.
The workshop will provide participants with an overview of the program, the fundamental principles guiding the program, eligibility requirements, and the application process.
Detroit property owners have used historic preservation tax credits extensively, particularly in the Midtown, Grand Circus Park, and Lower Woodward areas.
"Federal Historic Preservation Tax Credits have helped stabilize and revitalize Midtown and other parts of the city," said State Historic Preservation Officer Brian Conway. "Projects like the rehabilitation of the Fort Shelby Hotel and the Argonaut Building (College for Creative Studies) and smaller projects like those taking place in the Palmer Park Apartment historic district, have preserved great Detroit buildings."
According to Conway, 207 tax credit projects were completed in Detroit between 2000 and 2013, representing $696 million in investment in the city of Detroit.
The workshop, which is for the owners of historic commercial properties, will take place Wednesday, Sept. 11 from 3:30 to 5:30 p.m., in the Michigan State Housing Development Authority Southeast Michigan Office, Cadillac Place, 3018 W. Grand Boulevard, Suite 4-600, Detroit. Register for this free workshop by sending your name, email address, and phone number to: preservation@michigan.gov. Please put TAX CREDIT WORKSHOP in the subject line. For additional information, call (517) 373-1630.
The State Historic Preservation Office is part of the Michigan State Housing Development Authority, which provides financial and technical assistance through public and private partnerships to create and preserve decent, affordable housing for low- and moderate-income residents, and to engage in community economic development activities.
MSHDA's loans and operating expenses are financed through the sale of tax-exempt and taxable bonds as well as notes to private investors, not from state tax revenues. Proceeds are loaned at below-market interest rates to developers of rental housing, and help fund mortgages and home improvement loans. MSHDA also administers several federal housing programs. For more information, visit www.michigan.gov/mshda.
