ü

National Park Service

U.S. Department of the lnterior KIH*T#,.^"", Techn ica I Preservation Services

of Planning and Public Policy
This executive summary is based on the findings of a National Park Service-funded annualstudy undertaken through a

cooperative agreement with Rutgers University. The University is responsible for the content of the study.

Center for Urban Policy Research

Edward J. Bloustein School of Planning and public policy

Rutgers, The State University of New Jersey

New Brunswick, NJ 08901-

Technical Preservation Services

National Park Service

U.S. Department of the lnterior

Washington 20240

The NationalTrust for Historic Preservation provided assistance in the preparaüon of the two case studies

August 2014

Cover photo: Niagara Hudson Building, Syracuse, NewYork; photo byTed Bartlett, Crawford & Stearns, Architects and preservation planners
ANNUAL REPORT ON THE ECONOIMIC IIV]PACT OF THE FEDERML HISTORIC TAX CREDIT FOR FY 2013

A Message from the National Park Service

Beyond the National Parks, the National Park Service through its Cultural Resources, Partnerships and Science Programs is part of a national preservation partnership working to promote the preservation of historic resources in communities small and large throughout the country. For the past 36 years, the National

Park Service, in partnership with the State Historic Preservation Offices, has administered the Federal

H istoric Preservation Tax I ncentives Progra m.

Commonly referred to as the Federal HistoricTax Credit (HTC), the HTC is designed to not only preserve

and rehabilitate historic buildings, but to also promote the economic revitalization of older communities in

the nation's cities and towns, along Main Streets, and in rural areas. Targeted to income-producing buildings, the HTC program is the largest and most effective Federal program specifically supporting historic

preservation. Since the program's inception in I976, the National Park Services has certrfied the rehabilitatron of more than 39,600 historic buildings throughout the United States.

ln FiscalYear (FY)2013,803 completed historic rehabilitation projects were certified bythe Natronal Park

Service, representing $9.:g b¡llion in estimated rehabilitation costs that qualify for a20% Federal tax

credit. (Anotherl-,1-55proposedprojectswerealsoapprovedinFY20l-3.) Manyoftheprojectsinvolved

buildings that were abandoned or underutilized, and in need of substantral rehabilitation to return them

to, orfortheircontinued, economicviability. The HTC program also is an importanttool in helpingto revitalize oldeç economically depressed communities. Based on project data provided by the National Park

Service, PolicyMap has determined that nearlytwo-thirds of the certrfied rehabilitation projects in FY 2013

were located in low or moderate Median Family lncome census tracks.

The National Park Service issues annual reports on the HTC program quantifying the number of historic

rehabilitations certified each yeal their reported costs, and other statistical informatron on the program.

The annual and statistical reports are available on the Natronal Park Service's Technical Preservation

Services (TPS) website at http://www.nps.gov/tps/tax-incentives.htm, along with information on the HTC

program in general.

For FY 201-3, the National Park Service also turned to the Rutgers University Center for Urban Policy

Research, through a cooperative agreement, to undertake and report on the economic impacts of the

HTC for the fiscal year ending September 30,201,3. This report highlight's its main findings. An economic

model previously developed by the Center under a series of grants from the National Park Service was utilized in the preparation of this report. The economic modelwas utilized bythe Centerfortheirfour prior

reports on the Federal HTC, as well as for a number of other economic reports for state governments and

others.

As the Center's report identifies, the level and breadth of economic impacts resulting from the Federal

HTCs in FY 2013 are quite impressive. ln addition, the report includes informatron on the cumulative economic impacts of the Federal Historic Preservation Tax lncentives Program forthe past 36 years, starting in

1977-78 with the first completed rehabilitation project to be certified by the Natronal Park Service under

theprogram, TheprogramremainsoneoftheFederalgoverment'smostsuccessfulandcost-effective

community revitalization programs.

Technica I Preservation Services

L
Annual Report on the Economic lmpact of the Federal Historic

Tax Credit for FY 2013: Executive Summary

Overview of the Rutgers Economic Analysis

The Federal historic tax credit (HTC) is a Federal income tax credit that promotes the rehabilitation of incomeproducing historic properttes. This study examines the economic impacts of the HTC (currently a 20 percent

credit) by analyzing the economic consequences of the projects it supports. This analysis focuses on the economic effects of these projects during construction, quantifying the total economic impacts (i.e., direct as well

as multrplieç or secondary, economic consequences) for the fiscal year ending September 30,2013, and for

the period since the program's inception. The study utrlizes the Preservation Economic lmpact Model (PEIM), a

comprehensive economic model developed by Rutgers University for the National Park Service.

The current analysis applies the PEIM to both cumulative (FY 1978 through FY 2013) HTC-related historic rehabilitation investment (about S109 billion in inflatton-adjusted 2013 dollars) and single-year (FY 2013) HTC-related rehabilitation investment (about S3.8 bill¡on). lt considers the effects of the cumulative $109 billion rehabilitation investment as if it applied to one year (201-3), rather than backdating the PEIM for each of the 36 years in

the study period. lt also considers the full rehabilitation investment associated with the HTC (e.g., $:.S billion in

FY2013)and notthesomewhat loweramount reported bythe National ParkService based on estimated qualified rehabilitation costs indicated by property owners requestrng certification of rehabilitation for purposes of

the tax credit (e.g., $3.4 b¡llion in FY 2013).1

Niagra Hudson Building, Syracuse, New York

Completed in 1932, the h¡qhly sculpted and richly detsiled building is an outstqnding example of American

Art Deco architecture. Constructed in a zigguratform, its modern design by Syracuse architect Melvin L. King

masterfully integrated black Vitrolite glass, cast stone, aluminum, terra-cotta, aluminum-coated concrete, and

stainless steel expressed ¡n styl¡zed geometric patterns. Acquired by the Notional Grid Group, the building had

suffered from yeors of deferred maintenance, inappropriate alterations, ond poor workmanship. Correcting

the major deficiencies on the exterior with an emphasis on preservation of materials ond design required the

comm¡tment of the owners, expertise of the design team, and quality workmanship of the contractors.

As part of the 51-0 million rehabilitation, previously shortened windows were replaced with energy efficient

units, matching the original size and appeqrance. Where Vitrolite hqd been replaced with painted qluminum

panels, now faded and decomposing, new frit glass with sqndblasted details like the originals were installed,

returning the long-missing shiny black appearance of the original design. The chrome-nickel metal detail work

was repaired, cleqned and polished, returning the crisp contrqst between shiny metal qnd black glass. The

result was an aword-winning project.

1 The HTC has a multistep applicatìon process, encompassing Part 1 (evaluation ofthe historic significance ofthe property), Part 2 (description ofthe

rehabìlitation work), and Part 3 (request for certification ofcompleted work). Both Part 2 and Part 3 rehabilitation statistics include only items termed

"eligible" or "qualified" for the tax credit (Qualified Rehabilitation Expenditures, or QREs), as opposed to "ineligible" or "nonqualified" costs. While the

ineligible/nonqualÌfied expenses do not count for tax credit purposes, they are a component of the totâl rehabilitation investment or cost borne by the

HTC-oriented developer. In practìcal terms, the total rehabilitation investment, including ineligible/nonqualified costs, helps pump-prime the economy.

For example, in FY 2013, the Part 3 cerhfied investment amounted to about 53.4 billion, while the total rehabilitation outlay associated with the HTC

was about 53 8 billion.

2
ANNUAL REPORT ON THE ECONOIVIC IMPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

The results of the PEIM include many fields of data. The fields most relevant to this study are the following:

. JoBS: Employment, both part- and full-time, by place of work, estìmated using

the typicaljob characteristics of each industry.

. INCOME: "Earned" or labor income; specifically, wages, salaries, and proprietor

rncome.

. WEALTH : Value-added-the sub-national equivalent of gross domestic product

(GDP). At the state level, this is called gross state product (GSP).

. OUTPUT: The value of shipments, as reported in the Economic Census.

. TAXES: Tax revenues generated by the actrvity, which include taxes to the federal

government and to state and local governments.

Niagarâ Hudson Building, Photo by Ted Bartlett, Crawford & Stearns Architects and Preseruation Planners

3
ANNUAL REPORT ON THE ECONOMIC IMPACT OF THE FEDERAAL HISTORIC IAX CREDIT FOR FY 2013

The following table summarizes the impacts of HTC for each of these economic measures for the cumulative

period FY 1978-2013 and for FY 20L3.

National Economic lmpacts

Federal HTC-assisted Reha bilitation

srog billion cUMULATtvE (Fy 1978-2013)

historic reha bi litation expenditu res result in :

s¡.9 bill¡on ANNUAL Fy 2013 historic

expenditures results in:

62.9

2.7

7.1.

3.6

0.9

0.6

0.2

o.2

Jobs (person-years, in thousands)

lncome (5 billion)

Output (S billion)

GDP (5 billion)

Taxes (S billion)

Federal (5 billton)

State (5 billion)

Local (5 billion)

2,415.0

91_.5

25r.8

r24.4

36.4

26.6

5.0

4.9

The benefits of investment in HTC-related historic rehabilitation projects are extensive, increasing payrolls

and productron in nearly allsectors of the nation's economy. The cumulative effects forthe period of FY

l9TBthrough FY 2013 are illustratrve. Duringthat period, S109.0 billion in HTC-related rehabilitation investment created 2.4 million jobs and 5124.4 billion in GDP, nearly 30 percent of which (711-,OOO jobs and $35.2

billion in GDP)was in the construction sector. This is as one would expect, given the share of such projects

that require the employment of building contractors. Other major beneficiaries were the service sector

(430,000.¡obs, $t0.4 billion in GDP), the manufacturing sector (492,000 jobs, $32 billion in GDp), and the

retailtrade sector (354,000 jobs, $9.3 billion in GDP). As a result of both direct and multiplier effects, and

due to the interconnectedness of the national economy, sectors not immediately associated with historic

rehabilitation, such as agriculture, mining, transportatron, and public utilities, benefit as well. (Summary

Exhibit 1.)

4
ANNUAL REPORT ON THE ECONOMIC IMPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

The recent economic benefits of the Federal HTC are also most impressive. ln FY 201-3, HTC-related investments

generated approximately 63,000 jobs, including22,000 in construction and 14,000 in manufacturing, and were

responsiblefor$:.0 billion in GDP, includineSf.Z billion in construction and S1 billion in manufacturing. HTCrelated actrvity in FY 201-3 generated SZ.Z b¡ll¡on in income, with construction ($l billion)and manufacturing

($625 million) reaping majorshares. (See Summary Exhibit 2 for more details.)These benefits were especially

welcome in 201-3, as the nation continued its economic recovery.

HTC lmpacts at the State Level

HTC-related historic rehabilitation benefits state economies as well as the national economy. For example, in

Missouri in FY 2013, federal HTC-related rehabilitation activitytotaled about $403 million. The national impacts

of that investment included 6,91-1jobs, an additional$767 million in output, $ZSS million in income, S:Sf m¡llion in GDP, 567 million in federaltaxes, and $St million in totaltaxes. ln Missourialone, the same $+O: million

in HTC-related spending resulted in 3,859 jobs, $403 million in output, $tZS million in income, $215 million in

gross state product (GSP), and $+Z mill¡on in taxes.

HTC lmpacts Compared with Those of Nonpreservation lnvestments and Housing Contributions

How does HTC-related historic rehabilitation perform as an economrc pump-pnmer compared with othe; nonpreservation investments? ln short, quite well.

Numerous studies conducted by Rutgers University have shown that in many parts of the country a $1 million

investment in historic rehabilitation yields markedly better eflects on employment, income, GSP, and state and

localtaxes than an equal investment in new construction or many other economic actlvitles (e.g., manufacturing or services). These findings demonstrate that historic rehabilitation, combined holistically with the many

acùvitres of the broader economy, delivers a commendably strong "bang for the buck."

About half of all HTCtransactions include housing. Often used in combination with programs such asthe Low

lncome HousingTax Credit (LIHTC), the HTC has produced powerfuland very beneficial results in this area.

From FY 1-978 through FY 201-3, the HTC has been involved in the creatron of 491-,1-67 housing units. Of that

1o1a1,252,973, or 52 percent, were existing housing units that were rehabilitated; 238,194, or 48 percent, were

newly-created housing units (e.g., housing resultingfrom the adaptrve reuse of commercialspace). ln addition,

1.35,01J, or 27 percent of the total housing units produced (491,,1,67), were affordable to low- and/or moderate-income (LMl)families. ln FY 2013,1,097 LMI units were produced underthe Federal HTC. The Federal HTC's

influence on housing, largely invisible to the general public, deserves much greater attention, given its produclron of housing in general and LMI housing units in partrcular.

5
ANNUAL REPORT ON THE ECONOIV]IC IIV]PACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

The Cost of the HTC

The HTC is a tax expenditure and has a public cost. ln the simplest terms, the Federal cost of the HTC is equal

to the credit percent (20 percent since L986) applied to the Part 3 ("qualified for tax credit") investment,2 Applying that calculation, we find that the federal HTC cost the U.S Treasury approximately $Zt billlon (inflationadjusted 2013 dollars) over the period of FY 1978 through FY 2013, while the cost for projects certified by

the National Park Service in FY 201-3 was about 5678 million. Weighing against these costs are the significant

economic impacts (i.e., jobs, income, GDP, and output)and tax revenue (federal, state, and local)generated by

HTC-aided rehabilitation and documented in this study. An important finding is that the HTC yields a net benefit

to the U.S. Treasury, generating an estimated 526.6 billion in federal tax receipts over the life of the program,

compared wlth 521 billion in credits allocated.

Michigan Bell and Western Electric Warehouse, Detroit, Ml

Built in L929 qs olfices and distribution center for telephone ond communicqtion supplies, the Michigan Bell

& Western Electric Wsrehouse provided essential communicotion services to Detroit qnd surrounding areos.

The Neighborhood Services Organization (NSO), a community-based human service orgonizotion, acquired

the building ond begon q Sqg m¡llion rehqbilitqtion in 2011 to create permanent supportive housing for the

formerly homeless, With the grond re-opening of the NSO Bell Building in the fall of 2013, NSO now provides

L55 one-bedroom units with onsite supportive services for the formerly homeless. Serving a critical need in the

community within a newly rehabilitated historic building, NSO hqs creqted an award-winning project, certified

by the National Park Service for the Federal historic tax credit.

'zSee footnote 1.

3These estimates are based on full utilization of the credits in cases of certified rehabilitations. For various reasons, not all completed projects certified

by the National Park Service ultimately utilize the credit. Their economic lmpact, nevertheless, remains.

6
ANNUAL REPORT ON THE ECONOIV]IC IfVIPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

Summary of HTC lmpacts

ln short, the federal HTC is a good investment for local communities, individual states, and the nation. The cumulative impacts of the program to date (FY 1978 through FY 2013) support this conclusion.

a An inflation-adjusted (20L3 dollars) S21 billion in HTC costs encouraged a five times greater amount of

historic rehabilitation (S109 billion).

This rehabilitation investment generated about 2.4 million new jobs and billions of dollars of total

(direct and secondary) economic gains.

The cumulative positive impacts on the nationaleconomy included SZSf,S billion in output, 5124.4

billion in GDP, 591.5 billion in income, and 536.4 billion in taxes, including S20.0 billion in federal tax

recei pts.

The leverage and multiplier effects noted above support the argument that the Federal HTC is a strategic

investment that works.

o

a

a

Michigan Bell & Western Electric Warehouse (now NSO Bell Bu¡lding), Detroit, Ml, Photo from NPS flle

7
ANNUAL REPORT ON THE ECONOMIC IMPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

SUMMARY EXHIBIT ].

National Economic and Tax lmpacts of Federal HTC-related Activity

FY 1978 though tY 2Ot3 (HTC lnvestment: 51-09.0 billion)

Gross Domestic Product by Sector from Federal Historic Preservation

lnvestment (5!24,412 million cumulative, FY 1973-20L3)

Soos

Sr

5

Ss,srs

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport. & Public Utilities

Manufacturing

Construction

Mining

Agri. Serv., Forestry, & Fish

Agriculture

Sz

3

5as,

s- 55,000 Si.0,000 515,000 520,000 525,000 530,000 S35,oo0 540,000

(millions of 2013 S)

18

lncome Created by Sector from Federal H¡stor¡c Preservation lnvestment

($9L,474 million cumulative, FY 1978-2OI3l

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport. & Public Utilities

Manufacturing

Construction

Mining

Agri. Serv., Forestry, & Fish

Agriculture

S1

810

55,000 510,000 Si.5,000 520,000 525,000 S30,oo0 S35,0oo S4o,ooo

(millions of 2013 $)

s54,2ot

289

S9,336

s

S¿so

)

Jobs Created by Sector from Federal Historic Preservation lnvestment

(2,415,049 jobs cumulative, FY L978-2OI3\

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport. & Public Ut¡l¡ties

Manufacturing

Construction

Mining

Agri. Serv., Forestry, & Fish

Agriculture

430,

21,6

393

7

0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 900,000

(jobs)

63

130

8
ANNUAL REPORT ON THE ECONOIV]IC IIVPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

SUMMARY EXHIBIT 2

National Economic and Tax lmpacts of the Federal HTC-related Activity

FY 2013 (HTC lnvestment: S3.8 billion)

Gross Domestic Product by Sector from Federal Historic Preservation

lnvestment (53,603 million, FY 2013)

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport. & Public Utilities

Manufacturing

Construction

Mining

Agri. Serv., Forestry, & Fish

Agriculture

s- $2oo

5r,rzs

s4oo s6oo s8oo sl,ooo s1,2oo s1,4oo

(millions of 2013 S)

186

S2e

522s

lncome Created by Sector from Federal Historic Preservation lnvestment

l\$2,672 million, FY 2013)

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport. & Public Utilities

Manufacturing

Construction

Mining

Agri. Serv., Forestry, & Fish

Agriculture

S10

S- Szoo

s62s

se81

S4oo 5600 $8oo Si.,ooo S1,2oo Si.,4oo

(millions of 2013 S)

Jobs Created by Sector from Federal Historic Preservation lnvestment

(62,923jobs, FY 20L3)

Government

Services

Finance, lns., & Real Estate

Retail Trade

Wholesale

Transport, & Public Utilities

Manufacturing

Construct¡on

Mining

Agri. Serv., Forestry, & Fish

Agriculture

225

11,585

154

21,553

0 10,000

2,084

428

7,379

547

291

154

5,000

Uobs)

L5,000 20,000 25,000

9
ANNUAL REPORT ON THE ECONOIVIC IIVIPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

CASE STUDY #1

Brewhouse Inn & Suites

t201.-I2I7 North 10th Street, Milwaukee, Wl

Before

Project Profile

Historic name:

Original construction date:

Date of rehabilita¡on:

Original use:

New use:

Project cost:

Federal HTC equity:

Other financial incentives:

After photo by MacRostie Historic Advisors

Pabst Brewing Company Complex

1,882;1,891,

201,2

Brewery complex for Pabst Blue Ribbon

9O-room suite hotel with bar and restaurant

522.2 million

S:.go million

Wisconsin State Historic Tax Credits

Property and Project Deta¡ls

Founded in L844, the Pabst Brewery was at one time the largest brewery ìn America, bottling millions of

barrels of Pabst Blue Ribbon as well as other beers. With its closing in 1996, the 26 buildings comprising the

brewery stood vacant in downtown Milwaukee until 2006 when local realestate investor/developerJoseph

Zilber purchased the entire Brewery site. Through a mix of rehabilitation and new construction, the site has

undergone a majortransformation into a new sustainable, mixed-use neighborhood. The development received a LEED Platrnum Neighborhood Development cerlification in 201"3.

10
ANNUAL REPORT ON THE ECONOI\4IC IMPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

ln 2009, Gorman & Company, lnc. purchased Buildings 20 (the Brewhouse) and21, (the Engine, Milland Refrigeration Machine Building), which had been built in 1-882 and 1891- respectively. These four- and five-story

cream-brick buildings feature elements of the German Renaissance Revival style, including battlements and

crenellated towers. The two buildings were physically connected and served as the nucleus of the brewery, and

support the iconic "PABST" sign on their rooflines.

The adaptive reuse of these two buildings into the Brewhouse lnn & Suites and Jackson's Blue Ribbon Pub

included repairing and cleaning the exterior masonry and restoring altered and in-filled window openings on

primary elevations. On the interior; historic features and original industrial equipment were retained and incorporated into the new hospitality and commercial functions. The former brewing floor was transformed into a

five-story atrium lit by a skylight and is dominated by six historic large copper brew kettles and a large stained

glass window depicting King Gambrinus - the patron saint of beer.

Funding sources for the SZZ.Z mlll¡on project included private equity generated by federal and state historic tax

credits, a $tS million mortgage, a seller note, and a deferred developer fee.

Project Budget

Sources of Funds

Federal HTC Equity

State HTC Equity

First Mortgaee (EB-5)

Seller note

Deferred Developer Fee

Total

Uses of Funds

Acquisition

Hard Costs

Soft Costs

Reserves

Total

Amount

S3,9o5,ooo

5540,ooo

5l-5,ooo,ooo

Sl-,ooo,ooo

51,755,000

522,2oo,ooo

Amount

$2,ooo,ooo

S14,i.5o,ooo

$5,363,000

S687,ooo

522,2oo,ooo

Community Benefits

201-3 State sales tax 51-7,000

(not including bar/restau rant)

2013 City room/expo tax S1-08,000

201-3 Real estate taxes 5460,000

Jobs: Project generated over 300jobs,

direct and indirect

LI
ANNUAL REPORT ON THE ECONOIV]IC IIV]PACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

CASE STUDY #2

Chaucer Court Union Manor

1019 SW LOth Ave, Portland, OR

Before

Project Profile

Historic name:

Original construction date:

Date of rehabilitation :

Original use:

Continued use:

Project cost:

Federal HTC equity:

Other fi nancial incentives

After photo by Carleton Hart Architecture

Odd Fellows Building

1922-24

201,1

Oflice building and Lodge for Portland Odd Fellows; converted into

aflordable housing in 1980,

84 renovated units of affordable housing for seniors and disabled

residents earning less than 60% Median Family lncome in downtown Portland

$io,z million

5l-,6 million

Low lncome Housing Tax Credits, Oregon Aflordable Housing Tax Credits,

City of Portland tax increment financing

Property and Project Details

Constructed in 1922-24, the six-story 2Oth-century Gothic Revival-style building served as an oflice building and

Lodge for the Portland Odd Fellows, a local chapter of the lndependent Order of Odd Fellows. The building was

converted in 1-980 into much-needed subsidized housing for the elderly and renamed Chaucer Court.

t2
ANNUAL REPORT ON THE ECONOMIC IIVPACT OF THE FEDERAAL HISTORIC TAX CREDIT FOR FY 2013

ln 2010, the 30-year HUD Section B contract was set to expire. Rather than converting the building into condominiums or a boutique hotel, the owners decided to sell it to a buyer willing to extend the HUD contract,

allowing the elderly residents to keep their homes. The Union Labor Retrrement Association (ULRA), which runs

other homes for low-income seniors, purchased the propertyfor just over 57 million and agreed to extend the

HUD contract for 20 years.

To comply with HUD's current energy efficiency requirements and to upgrade the residential units required considerable work on the interior by Carleton Hart Architects and Walsh Construction. Work was staged to minimize the length of trme that tenants needed to be temporarily relocated. Exterior rehabilitation work included

the cleaning and repair of the historic terra-cotta and brick façade, installatron of historically appropriate and

energy efficient windows, and a new roof.

Project Budget

Community Benefits

Sources of Funds

Federal Historic Tax Credit Equity

Federal Low lncome HTC Equity

State Affordable HTC Equity

PHB Financing

Other: BETC/Energy Trust/HDGP

State/lncome from Operations

Weatherizatron- State

Total

Uses of Funds

Acquisition

Hard Costs

Soft Costs

Reserves

Total

Amount

51,64L,s67

57,1-33,28i

S4,5oo,ooo

S2,61s,ooo

$+tt,ozz

54LL,864

51,6,713,700

S15,450 State and local taxes

(commercial space); residential

space is property tax exempt

84 Affordable Housing Units

Jobs: Project generated over 95

jobs, direct or indirect

Amount

57,L6s,7r5

S6,080,036

$3,1"42,949

S325,ooo

$16,7t3,700

13
*

ì¡, lr ullAr

FAÉI{ EHTGERS 5 ERrr'ltE

Edward J. Blouste¡n School of Planning and Public Policy

Rutgers, The State University of New Jersey

Civic Square Building

33 Livingston Avenue

New Brunswick, NJ 08901

848-932-5475

Web: policy.rutgers.edu

Email: ejb@policy.rutgers.edu

Technical Preservation Services

National Park Service

U.S, Department of the lnter¡or

Washington, DC2O24O