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Historic preservation adds value to
the lives of all Michigan residents and visitors. Michigan's
historic properties are invaluable cultural, aesthetic, and
educational resources. Historic places provide opportunities each
day to appreciate the legacy of Michigan's rich past.
Historic preservation also has a significant economic component.
Historic preservation activities are cost-effective tools that may
be used to leverage private capital, create jobs, revitalize
neighborhoods and business districts, and stimulate a wide range of
other economic activities. For example:
- Preservation protects and
revitalizes historic resources. Michigan property owners can take
advantage of federal and state tax credit programs to help
rehabilitate historic buildings. Since 1978, the federal
rehabilitation tax credit has been utilized by 611 Michigan
projects, for a total of $807.6 million in qualified
rehabilitation costs. Since 1999, the state rehabilitation tax
credit has been utilized by 205 projects, for a total of $8.0
million in qualified rehabilitation costs. This sizeable
investment ensures that historic resources continue to serve
Michigan's neighborhoods and business districts.
- Preservation creates jobs and
income. Since 1971, rehabilitation activities in Michigan have
created 20,252 jobs and generated a total of $1.7 billion in
direct and indirect economic impacts.
- Preservation benefits
neighborhoods. Examples throughout the state show that historic
district designation programs enhance local property values.
- Preservation attracts Michigan
visitors. The link between preservation and tourism is well
established. Preserving historic character helps support tourism
by providing interesting and unique opportunities for visitors,
and tourism supports preservation by providing resources for
ongoing preservation efforts.
In summary, historic preservation not
only promotes an increased appreciation of the past; it is often a
key feature of successful community planning and economic
development.
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