In the last five years, $1.93 billion was privately invested in building restoration projects that leveraged Michigan's Rehabilitation Tax Credits (RTCs), generating more than 22,000 jobs across the state. That compares to a mere $819 million invested in RTCs over the previous 30 years, which generated 22,250 jobs.
The projects ranged from small business development to multi-phase corporate investments, and spanned the state from downtown Detroit to downtown Calumet.
A special report published by the Michigan Historic Preservation Network in November states, “Every $250,000 of private RTC investment leverages an additional $282,500 in indirect investment, $179,575 in household income, and six new jobs.”
The report listed several other important benefits:
“Preservation of Michigan’s historic resources enhances the quality of life of its citizens, the beauty of the state, and sustains a sense of place.
Stewardship of Michigan’s historic resources is best supported through private investment accompanied by public incentives.
Adaptive reuse of Michigan’s historic resources stimulates state and local economies through investment, job creation, and community revitalization.”
Source: Michigan Historic Preservation Network
www.mhpn.org
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