New Jersey Heritage Development Coalition

Why Should We Act Now?

In the past 30 years, New Jersey has lost hundreds of historic buildings to deterioration and neglect. Neighborhoods and Main Streets have declined because rehabilitation costs did not make the buildings that give them character attractive to development. Reinvesting in these areas and spurring development will make a significant impact on their future economic health and vitality.

Although the federal preservation tax credit provides rehabilitation incentives, many commercial projects cannot be accomplished using federal credits alone. As a result, New Jersey loses out on millions of dollars in development investment that goes to neighboring states that offer state credits. And homeowners get no assistance at all!

Now is the time to augment the federal historic tax credit with a state credit that will encourage redevelopment -- and include homeowners -- before it is too late.