(WKBN) — Numerous buildings in the Valley can expect to see some updates as recipients of a historic preservation tax credit.
Ohio Gov. Mike DeWine and Lt. Gov. Jon Husted Tuesday announced state support for 54 rehabilitation projects that will restore 57 historic buildings across Ohio. The projects are expected to leverage approximately $1.01 billion in private investment.
One building already undergoing the rehabilitation process is the Packard Apartments, located at 318 N. Park Ave. in Warren. Upon completion, the revitalized building will host 17 new apartments.
Mahoning National Bank in Youngstown will also see a transformation, featuring 71 residential
units while maintaining commercial spaces on the first four floors. The original structure was built in 1910.
In Salem, The Kresge Building — most recently home to Butler Art Institute — will see a large change as the building is converted into a restaurant. The original iteration of what became known as “Kmart” in 1930, the open floor plan and room for outdoor expansion contributed to the repurpose.
The projects are being awarded funding as part of the Ohio Historic Preservation Tax Credit Program, administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits.
“By rehabilitating these historic buildings today, we can preserve the heart of our communities for future generations of Ohioans,” DeWine said. “Once restored, these sites will help renew local communities and create additional opportunities for Ohioans.”
The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. Many of the buildings are vacant today and generate little economic activity. Once rehabilitated, they will drive further investment and interest in adjacent property.
Developers are not issued the tax credit until project construction is complete and all program requirements are verified.
“Revitalizing these underutilized spaces creates new opportunities for Ohioans and the local neighborhood,” said Lydia Mihalik, director of the Ohio Department of Development. “These are unique spaces in our communities, and once they are transformed, they will be catalysts for future economic development and growth.”