Due to Fiscal Year 2015-2016 budget challenges, the status of Year 3 of Pennsylvania’s Historic Preservation Tax Credit program was up in the air through March 2016. With the enactment of a budget, there was a brief application window with a March 24, 2016 deadline. The shortened budget period did impact the total number of applications to the Department of Community and Economic Development (DCED) as the total decreased from 30 in the second round to 23 applications for the third round.
PHMC quickly reviewed the applications to ensure applicants owned qualified historic buildings and that proposed rehabilitation plans met the Secretary of the Interior’s Standards for Rehabilitation. As the qualified applications far exceed the limited $3 million in available credits, DCED used a fair and balanced selection process based on a first -come, first serve basis with regional distribution to select the first round of projects. Continue reading
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