FOR IMMEDIATE RELEASE: July 31, 2013
Shelly Angers, N.H. Department of Cultural Resources
Federal preservation tax credits continue to spark investment in
N.H. historic properties
Since 2000, the Federal Preservation Tax Credit Program has generated nearly $60 million in investment for New Hampshire projects, and planned projects worth $35 million in investment are now in development. The program offers a 20 percent income tax credit for developers who rehabilitate certified historic buildings that produce income.
For 35 years, the Federal Preservation Tax Credit Program has helped communities maintain their historical resources, create jobs, and offer revitalized spaces for businesses, organizations and residents. Rehabilitation projects also create a positive effect on local property values and strengthen the communities where they are located.
The repair and retrofitting of existing historic buildings is also considered by many to be the ultimate recycling project. Traditional building materials are generally more durable than those used in new construction, and by using the skills of local craftsmen to rehabilitate and maintain historic buildings, local jobs are created.
In New Hampshire, the former State Prison buildings on Beacon Street in Concord received some of the state’s first Federal Preservation Tax Credit Program funding. Since then, projects across the state – including the Salmon Falls Mills in Rollinsford, the Ashland Gristmill and Dam, the Colony Block in Keene and the Carpenter Block in Manchester – have also participated in the program.
The recent high-profile Newmarket Mills project qualified for Federal Preservation Tax Credit Program funds and created $23.5 million in local investment. It transformed a near-vacant building where cotton textiles and shoes were once manufactured into a bustling center that houses restaurants, art studios, stores and apartments – all while multiplying financial benefits throughout Newmarket’s historic downtown and retaining its historical identity.
The Federal Preservation Tax Credit Program is part of the National Park Service and is administrated in New Hampshire by the Division of Historical Resources.
“Historic properties often were built to provide vital functions and served as landmarks in their communities,” said Elizabeth H. Muzzey, director of the Division of Historical Resources and state historic preservation officer. “The Federal Preservation Tax Credit Program allows them to once again serve as economic engines and as the hearts of their communities.”
New Hampshire's Division of Historical Resources, the “State Historic Preservation Office,” was established in 1974. The historical, archaeological, architectural, engineering and cultural resources of New Hampshire are among the most important environmental assets of the state. Historic preservation promotes the use, understanding and conservation of such resources for the education, inspiration, pleasure and enrichment of New Hampshire’s citizens. For more information, visit us online at www.nh.gov/nhdhr or by calling (603) 271-3483.