Maine's historic preservation tax credit program has made many projects possibl

Douglas Rooks

Source

Mainebiz

Date

8-20-2012

Pages

1, 16-18

Abstract

Maine's historic preservation tax credit program has made many projects possible in the years following the 2009 collapse of the real estate market that would otherwise have been stalled due to lack of conventional funding. 59 projects have been approved so far, with 20 completed and 35 in progress. These projects will create 422 units of affordable housing, 162 units of market rate units, and preserve 131 units of affordable housing. The program has been a key factor in restoring a number of historic downtown buildings and has caused an overall economic boost in the form of job creation and increased property values. The tax credit is due to expire in 2023.

Subjects

Historic preservation, Tax credits

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