The Revitalist

The House and Senate have voted to approve the $700+ million economic stimulus package. The bill has been languishing in conference committee for months, while the health care bill took center stage. The bill will now go to the Governor's desk for signing.

We are excited about this because the legislation raises the cap on the State Historic Rehabilitation Tax Credit from $10m/year (which wasn't enough to fund all the projects who were eligible) to $50m/year. In addition, we understand the legislation makes the increase retroactive to 2005, meaning that there is a big pot of money available - enough to fully fund all the applications in the pipeline. Going into the future, there will hopefully be enough to provide for future projects to receive the full amount that they are eligible for. This is big news for the redevelopment community!

Now we are waiting with bated breath for the Governor to sign the bill and then for Secretary of State Galvin to make the allocations. A lot of good work will be done.