Mayor Walsh Signs onto National Petition to save the Federal Historic Tax Credit
August 5, 2014
Mayor Martin J. Walsh has signed the National Trust for Historic Preservation’s petition to save the federal historic tax credit. This tax incentive is responsible for encouraging billions of private dollars to be invested into historic, income producing properties and has long been a proactive tool for developers and individuals who wish to restore historic structures throughout the city.
“This historic tax credit is hugely significant to Boston because of the investment and economic development it encourages,” said Mayor Walsh. “This tax credit has been instrumental in helping to preserve iconic structures throughout Boston such as Fenway Park, the Alvah Kittredge House in Roxbury, the Baker Chocolate Factory in Dorchester and the North Bennet Street School in the North End – all which produce income from these restorations while supporting the enhancement of healthy neighborhoods. We cannot afford to lose this successful investment tool.”
Mayor Walsh recently added his name to the petition being circulated nationally among preservation organizations, community sensitive developers, cities and communities, asking that the historic tax incentive be saved. The tax credit has benefited historic neighborhoods and their advocates since 1976. In Boston, over $1 billion has been invested in rehabilitating and restoring historic properties and buildings in the last 12 years alone. Each project supported by this program, creates construction and permanent jobs (over 14,000 jobs from 2001-2013) and increased tax revenue.
“Investment in our historic structures makes economic sense, preserves the history of Boston which is rich and well known, and contributes to the City in a host of ways, adapting historic buildings as attractive residential and commercial developments and producing tourism dollars from the hundreds of thousands of people who flock to Boston each year. The influx of new residents and companies is largely driven by the city’s unique character and quality of life,” said Mayor Walsh.
“Most of our older buildings were more soundly built and utilized passive heating and cooling, relying less on mechanical systems,” said Environment Commissioner Nancy Girard. “As the City completes the 2014 update of the Climate Action Plan, we recognize that older buildings downtown and in our neighborhoods are 'green' and harnessed with new technology and clean energy, will continue to make Boston a destination for employers and workers alike.”