Ravenstahl: $150,000 awarded in tax credits to aid in rehabilitation of Bayard School in Upper Lawrenceville
HARRISBURG, Aug. 9 – State Rep. Adam Ravenstahl, D-Allegheny, today announced a total of $150,000 in 2017-18 Historic Preservation Tax Credits has been awarded to the 20th Legislative District.
Ravenstahl said the allocated tax credits will aid in the rehabilitation of the National Register-listed Bayard School in Upper Lawrenceville and leverage $3.2 million in estimated construction expenditures. The school will be rehabilitated into an apartment complex.
“I’m happy to announce the allocation of these tax credits,” Ravenstahl said. “This funding will not only add to our local economy but hopefully bring a number of new residents to the 20th Legislative District.”
The Historic Preservation Tax Credit program is administered by the Department of Community and Economic Development and the Pennsylvania Historical and Museum Commission.
Since 2013, the Historic Preservation Tax Credit program has invested more than $15 million to rehabilitate 81 historic buildings leveraging an estimated $1.3 billion in construction expenditures. The investments have helped preserve buildings that contribute to the distinct character of Pennsylvania’s boroughs, townships and cities.
This year, a total of $3 million was awarded to 21 projects statewide in 2017-18 Historic Preservation Tax Credits.