The Alliance worked closely with our members, affiliates and partner organizations, including Preservation Massachusetts, in order to advocate to members of the Joint Budget Committee on behalf of the credit.
To date, almost 200 projects have applied since the first round of credits was made available in 2004 and approximately $270,000,000 in credit have been allocated statewide. Per Preservation Massachusetts’ economic review of the tax credit’s impact on the Commonwealth, it was found that the $74,000,000 in tax credits already claimed by the state has leveraged close to $1 billion in total investment, created 12,349 jobs and rehabilitated 2,655,688 square feet of historic buildings across the Commonwealth. The economic review also indicated that there is unfulfilled demand for the tax credits totaling approximately $293,800,000. The review further determined that if this demand were to be met, the tax credit could leverage between $1.5 and 2 billion in investments, create over 25,000 jobs and rehab nearly 8 million square feet of space in historic buildings.
The successful redevelopment and preservation made possible by the MHRTC over the past few years has also had a tremendously positive impact on the city’s and the Commonwealth’s economy. Projects like the redevelopment of the Dwinell-Wright Building at 311 Summer Street in the Fort Point Channel, a former warehouse that now serves as office and retail space; the transformation of the Ames Building in downtown Boston into a thriving 130 room hotel; and the rehabilitation of Engine House #40 into a performing arts space in East Boston exemplify how the tax credit has transformed historic buildings for new uses, created jobs, revitalized neighborhoods and fostered economic growth. (Tax credits are available for income-producing, commercial properties. Massachusetts does not have a residential tax credit program.)
As Boston’s lead historic preservation advocacy organization, the Alliance has witnessed firsthand the value of this tax credit and its ability to protect the historic nature of our city. We wish to thank everyone who advocated for this critical extension.
