Star Tribune: Historic tax credit spurs work on rehabs

Excerpt from the Star Tribune, article by Don Jacobson.

Historic preservation of landmark buildings has been one of the top sources of construction industry jobs in the last few years, and advocates say they’re determined to keep the work flowing through the extension of a state tax credit program.

Bonnie MacDonald, executive director of the Preservation Alliance of Minnesota, cites a University of Minnesota study which contends that each dollar of the tax credits has been leveraging $9 of private investment, triggering new construction activity.

The rehab credits have already benefited developers who specialize in snapping up distressed properties at bargain prices, which are either historic themselves or fall within historic districts.

Projects such as St. Paul’s C&E Lofts got going after the state program became available in 2010.

You can find the full article here.

 

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