Magaziner Introduces Bill to Incentivize Production of More Affordable Housing Using the Historic Tax Credit

WASHINGTON, DC - Today, Representative Seth Magaziner introduced legislation that requires the National Park Service (NPS) to report on how the implementation of the Historic Tax Credit (HTC) program can be improved to remove barriers to the development of affordable housing and increase production.

"Every Rhode Islander deserves to have a safe, affordable place they can call home, and Rhode Island's large stock of historic buildings can be an incredible resource to create much-needed housing," said Representative Magaziner."My bill makes the Historic Tax Credit program more compatible with affordable housing needs by encouraging the utilization of the program for more housing development. This will help preserve the historic character of these buildings while making more homes available for those who need them."

For decades, the National Park Service has successfully administered the Historic Tax Credit program, having completed 49,000 rehabilitation projects, created 3.2 million jobs, and led a program that's produced a net benefit to taxpayers since its inception. Historic Tax Credits have served as the catalyst for decades of successful rehabilitation and adaptive reuse projects that have expanded America's housing stock.

Since 1976, the National Park Service has helped restore and repurpose historic buildings into housing, but inefficiencies in the Historic Tax Credit program continue to slow down development. To address these barriers, this bill requires a report on how the program is administered, including data on application processing times, approval conditions, and other common roadblocks that delay projects. The report will also identify ways to improve program standards, streamline the approval process, and provide clearer guidance on converting nonresidential buildings into housing, while preserving the historic character of these structures and expanding affordable housing development.

Read the full bill here.

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