The National Park Service (NPS) recently published its Annual Report for Fiscal Year 2020 – Federal Tax Incentives for Rehabilitating Historic Buildings. The report begins by highlighting the success that the Federal Historic Preservation Tax Incentives Program has had since it was first enacted in 1976. The program is a true success story promoting historic preservation as well as community revitalization through historic rehabilitation.
The report also showcases a variety of successful historic preservation projects from around the country completed in 2020. One project shown is the Ponemah Mill in Taftville, Connecticut where Epsilon’s historic preservation team led the tax credit process for the developer – OneKey LLC. Initially constructed in 1871, the mill was a cotton textile mill that employed 1,500 people. Ponemah Mill operated for nearly 100 years and its success led to the creation of the mill village of Taftville. This multi-building project involved the rehabilitation of buildings 1 and 5 creating 237 units of housing, 144 of which are affordable. Epsilon is currently working with the developer on completing buildings 2-4 as a subsequent phase. This success story is one of many throughout the country where a historic building was rehabilitated through assistance from the tax credit program and then provides new benefits to the local community.
Check out the full report on the NPS website.