Blagen Block - NW 1st Avenue
A recent Rutgers University study supports the notion that the Federal Historic Tax Credit is a great job creation tool. According to the study, 1.8 million jobs have been created as a result of the program that was first implemented in 1976. Approximately 75 percent of the economic effects of the credit are retained locally too, meaning that most of the money generated through this job producing program, is retained locally.
In Delaware, a state run historic preservation tax credit program, has generated $166 million in investments for only $35 million in tax credits. The credit has also led to the creation of 2,400 new jobs, according to another study by Donovan Rypkema of Place Economics.
Perhaps in this time of high unemployment, it’s time we considered the creation of a similar and local preservation tax credit or an expansion of the existing Oregon Special Assessment program? It could help put the construction industry back to work, but with a focus on preservation rather than new construction. That would be a win for workers, a win for our economy, and a win for the environment.
You can read more about the Rutgers study here.