City Council supports historic credit tax program
November 2, 2017
The federal Historic Tax Credit program (HTC) was enacted by Congress and the Reagan Administration in order to rehabilitate historic projects that stimulate local economies by attracting tourism and capital. This week, the Council voted unanimously to adopt a resolution in support of the HTC, which President Trump has proposed to dissolve in his budget blueprint.
The program funds the rehabilitation of historic properties and is particularly important to Boston. In the decades since it was first enacted, this tax credit program has created over 2.4 million jobs and rehabilitated more than 42,000 historic buildings, while leveraging four private dollars for every dollar of federal support, equaling $131.8 billion in private investment.
President Wu said, “In a historic city full of historic buildings, we need the program to continue leveraging private dollars for reinvestment, preservation, and rehabilitation.”
The HTC has supported many projects in Boston, including Fenway Park, the Alvah Kittredge House in Roxbury, the Baker Chocolate Factory in Dorchester, and the North Bennet Street School in the North End.