10/09/2024 | Press release | Distributed by Public on 10/09/2024 12:18
Topics: Faculty, College of Architecture and Planning, Miller College of Business, Research
October 9, 2024
A new report from Ball State University researchers reveals that more than half of the housing units created or rehabilitated using historic rehabilitation tax credits (HRTC) for income-producing properties in Indiana have been designated for low- to moderate-income households.
This key finding underscores the role these tax credits play in addressing housing affordability and revitalizing distressed communities across the state.
The study, conducted by experts from the Center for Business and Economic Research (CBER) and the Center for Historic Preservation, examines decades of HRTC program activity overall and in 10 Indiana cities, and emphasizes how these credits have been instrumental in both commercial restoration and affordable housing development.
"This research highlights how historic rehabilitation tax credits not only preserve Indiana's architectural heritage, but also create tangible benefits for communities in need," said Dr. Seth B. Payton, a CBER research associate and lead author of the study. "By supporting the creation of affordable housing and attracting investment to underserved areas, these credits play a crucial role in fostering economic growth and improving the quality of life for residents."
Key takeaways from the report include:
The report also shows that the use of the state's residential historic rehabilitation tax credit has grown since it became available in 2002, affecting more than 300 owner-occupied properties statewide, stimulating investment and preserving the state's architectural heritage.
The full report, "Historic Rehabilitation Tax Credits in Indiana," is available on the CBER website.
For more information, contact Dr. Payton at [email protected] or 765-285-4304.
Since its inception in 1970, Ball State's Center for Business and Economic Research has been a trusted source for high-quality, nonpartisan, data-focused research, analysis, and visualization. For more information, visit the CBER website, call 765-285-5926, or email [email protected].
Ball State's Center for Historic Preservation engages in preservation projects that promote economic development and strengthen community identity across the Midwest. Since its founding in 2004, the center has become a trusted resource, offering services such as historic structure reports, preservation plans, and heritage tourism support, while providing immersive learning experiences for graduate students.