Berks County Trust Co. Building Recipient of $ 250,000 Historic Preservation Tax Credit
Department of Community and Economic Development Secretary Dennis Davin and Pennsylvania Historical & Museum Commission Executive Director Andrea Lowery announced the latest recipients of historical preservation tax credits for fiscal year 2020-2021.
State investment through the program will help create rehabilitation spending estimated at $ 215 million for projects that preserve historic buildings, revitalize communities and promote local economic development.
In Berks County, the Berks County Trust Company building in Reading was selected for the rehabilitation of the National Register bank into an office building with a food court in the main lobby of the bank. Tax credit allowance of $ 250,000, $ 11,000,000 in estimated construction expenses.
Selected regional projects include the full restoration of a vacant train station in Wilkinsburg, Allegheny County, into a mixed-use property with first-floor retail space and 27 market-priced apartments; the rehabilitation of a large mixed-use building in Waynesboro, Franklin County; and the rehabilitation of two tobacco warehouses in Lancaster, Lancaster County, into mixed-use properties with commercial space on the first floor and student accommodation on the upper floors; and the award-winning restoration of Bok Vocational School in Philadelphia to a business incubator for 150 tenants.
“Preserving historic buildings in Pennsylvania is vital to simultaneously revitalize communities while telling stories from the past.” said Sec. Davin. âWith this funding, the winners can modernize and breathe new life into these spaces, which translates into new opportunities in places to live, work and play in neighborhoods across the state.â
“The historic preservation tax credit encourages the revitalization of communities in distress, the preservation of national and local heritage and long-term economic development“, said executive director Lowery.
âThe 27 projects awarded this year are producing long-term benefits beyond the projects themselves, having significant positive spinoffs through the reuse of historic buildings in towns and cities across Pennsylvania. “
The 27 projects that benefit from the $ 5 million in tax credits will mobilize approximately $ 215 million in construction projects. In total, 49 claimants had claimed nearly $ 21 million in tax credits for construction projects totaling more than $ 394 million in estimated construction costs.
The Historic Preservation Tax Credit program, administered by the Department of Community & Economic Development and the Pennsylvania Historical & Museum Commission since 2013, has invested more than $ 28 million to rehabilitate 154 historic buildings, generating construction spending estimated at $ 2 billion. dollars. The investments have helped preserve buildings that contribute to the distinctiveness of Pennsylvania boroughs, townships and cities.