by Greg Paxton, Executive Director, Maine Preservation
Historic Preservation may be the least understood major economic development strategy in Maine, bringing numerous financial benefits to the state’s communities. Preservation drives downtown revitalization and neighborhood rehabilitation, enhances real estate markets, grows the tax bases, attracts heritage tourists and new retiree residents, and allows for a more sustainable reuse of infrastructure. But largely through historic tax credits, the understanding of preservation’s impact is growing.
The Maine Historic Rehabilitation Tax Credit passed in 2008. Since then, 62 privately developed projects have been completed or are underway, investing over a third-of-a billion dollars ($335million) in construction expenditures. These projects have facilitated creation of …