WARREN, Ohio (WKBN) – The Ohio Development Services Agency awarded over $35 million in Ohio Historic Preservation Tax Credits for the rehabilitation of 51 historic buildings in the state, including one in Warren.
The Packard Apartments at 318 N. Park Ave. will receive an $819,371 tax credit to rehabilitate the vacant building, which has been deteriorating for years.
The building had a previous award, but the project was unable to move forward in time. After reapplication, the award was issued again.
When the work is complete, 17 new apartments will be available. The total cost of the project is estimated at over $4.9 million.
The Packard Apartments were built in 1898 by the Packard brothers of the automobile fame.
“Preserving these historic buildings will transform our communities,” said Lydia Mihalik, director of the Ohio Development Services Agency. “The restored buildings are part of the charming neighborhoods that will keep our students here and attract new businesses to our great state.”
The awards will help private developers rehabilitate historic buildings in the state.
Developers are not issued the tax credit until construction is complete and all program requirements are verified.