(Danville, Va.) – Federal tax credits that have fueled redevelopment in Danville’s River District are threatened and Danville City Council has urged Congress and President Donald Trump to preserve the program.
The historic tax credits, which were enacted by the Reagan administration in 1981, are on the chopping block under the tax reform plan approved last week by the House GOP leadership. The monies encourage development of historic and abandoned buildings and have resulted in 17 new businesses, seven business expansions and 443 new residential units in Danville.
City Council adopted a resolution urging leaders in Washington to maintain the Federal Historic Tax Credit Program.
Twenty properties in Danville have received the credits since 2005. The projects accounted for $93.5 million in private investment in historic properties. 17 new businesses, seven business expansions and 443 new residential units have followed.
City Manager Ken Larking said the federal historic tax credits have been the driving force in redevelopment in the River District.