Housing has been the most important use for rehabilitated buildings under the federal historic tax credit program, according to the National Park Service (NPS).
In fiscal 2013, a record 25,121 housing units were approved under the historic credit program. This includes 7,097 low- and moderate-income units, say NPS officials in their annual program report.
In comparison, 17,991 units, including 6,366 affordable homes, were approved in fiscal 2012.
The latest numbers come at a time when the longtime historic credit faces elimination under a sweeping tax reform plan recently unveiled by Rep. Dave Camp (R-Mich.).
Since the program’s inception in 1976, the NPS has approved the rehabilitation of an estimated 247,625 housing units and the creation of an estimated 236,886 new units since. Over the past five years, between 36 percent and 69 percent of historic credit projects have included housing.
During the past 35 years, NPS has approved a reported 131,438 low- and moderate-income housing units.
The historic credit is among a long list of tax credits that would be repealed under the tax reform proposal released at the end of February by Camp, chair of the House Ways and Means Committee.
The proposal preserves the low-income housing tax credit, but the housing credit faces a number of major changes, including the repeal of the 4 percent credit.