The State of New Jersey approved a new tax credit program that is yet another compelling reason to create historic districts in the Wildwoods. The Historic Property Reinvestment Program (HPRP) incentivizes rehabilitation of historic structures and works alongside the existing Federal Historic Tax Credit Program. The HPRP’s goal is to attract investment to bring older properties back into productive use, thereby also protecting the properties from demolition.

Like many other preservation grants and tax credits, eligible buildings must be on a historic registry or part of a designated historic district. With the real estate market experiencing another bubble, the fabric of the Wildwoods is being changed by a large amount of demolitions and new development. Access to state and federal tax credits/grants can help protect the heritage of the island by offering incentives to owners and developers to rehab older buildings rather than destroy historic properties. New Jersey recognizes the importance of historic preservation as a part of a community’s development. Now the Wildwoods need to do their part and enact historic districts so property owners can get access to the same state and federal funds that other communities have for maintaining older buildings.

 If you are an owner of an older building in the Wildwoods, let the local leaders know you support historic districts and want to have access to HPRP and federal tax credits. More information about this new program can be found here: https://tinyurl.com/mrzsc6md

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