Please register your support for some important legislative amendments proposed for the Federal Rehabilitation Tax Credit program for Historic Buildings proposed in the Community Restoration and Revitalization Act of 2009 (CRRA 2009).
The National Trust for Historic Preservation summarizes the bill here: http://www.preservationnation.org/take-action/advocacy-center/on-the-hill/crra.html
A full legislative summary is available here:
Congressmembers Grace Napolitano and Bob Filner are leading the California effort. Please let YOUR representatives know that you want them to support this legislation because it is important to Los Angeles and the revitalization of the Broadway Theater and Commercial National Register Historic District.
Thank you to Tara Jones Hamacher for bringing this to our attention - we will be advocating as well!
WHY IS THIS IMPORTANT? Broadway is a National Register Historic District and the buildings inside this district are entitled to take advantage of a 20% or 10% Federal Tax Credit if substantial rehabilitation occurs. This tax credit program is one of the most financially beneficial incentives created for historic building rehabilitation and can result in millions of dollars of subsidy coming to a project to offset the costs of construction. However, the legislation that governs the Historic Rehabilitation Tax Credits (HTC) has not been update since 1986 and needs to be revised in order to maximize the benefits, make the program easier to use and bring more capital to the projects.