Warner Introduces Legislation to Make It Easier to Build Affordable Housing in Rural Areas

WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Shelley Moore Capito (R-WV) have introduced theRural Historic Tax Credit Improvement Act, legislation that would make it easier to build housing in rural communities by cutting red tape, reducing cost-burdens to rural home owners and small developers, and providing affordable housing incentives.
“By expanding access to historic tax credits, we can preserve our nation’s rich heritage while also incentivizing the construction of more affordable housing. I’m proud to join Senator Capito in introducing this legislation to bring new life to abandoned buildings and grow the housing stock in in rural communities,”Sen. Warner said.
“Being a rural state shouldn’t mean losing out on private investment incentives like tax credits to help us preserve our communities’ history and revitalize local economies,”Sen. Capito said. “I have enjoyed working with the dedicated group of West Virginians who brought this issue to my attention and who provided important perspectives during the creation of this legislation. TheRural Historic Tax Credit Improvement Actwill help level the playing field for communities in West Virginia by attracting investment for economic expansion and additional housing supply.”
Currently, many historic tax projects are not economically viable in small and rural areas, giving a disproportionate advantage of the credit to large urban developments. The costs associated with the credit as-is severely limits rural areas from being able to use the credit to rehabilitate and revitalize historic properties. Through improvements to the credit included in theRural Historic Tax Credit Improvement Act, rural Historic Tax Credit projects will be more financially feasible and will result in a higher number of these projects being completed in rural areas and states.
TheRural Historic Tax Credit Improvement Act:

“Senators Capito and Warner recognize the need to improve the Historic Tax Credit so it can continue to be a cornerstone of redevelopment across the country,”saidAlbert Rex, Chair of the Historic Tax Credit Coalition (HTCC). “We appreciate their leadership on this issue and look forward to working with them to ensure that communities in West Virginia and Virginia can have better access to the HTC and more impactful projects can happen there and across the country, especially in rural communities.”

This bill is supported by the Preservation Alliance of West Virginia, The Historic Tax Credit Coalition, Main Street America, and The National Trust for Historic Preservation.Companion legislation in the House of Representatives is being led by U.S. Rep. Mike Carey (R-OH-15).
The full bill text for theRural Historic Tax Credit Improvement Actis availablehere.
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