New study: Nebraska benefiting from preservation projects

LINCOLN, Neb. — A new study says it pays to preserve.

History Nebraska said a report, authored by Bureau of Business Research at the University of Nebraska–Lincoln, found the Nebraska Historic Tax Credit has had a nearly $183.9 million impact on the state’s economy since its inception in 2015.

It said the credit contributed over $7.6 million in state and local taxes.

History Nebraska said the study shows that the NHTC program is having the intended effect of contributing to economically distressed areas, where unemployment or income is below the statewide average, or the area has seen a population decrease.

"Projects supported by the NHTC have created a total of 776 residential units in the state, with 446 of these (including 60 low–income units) being created in distressed areas," conclude co–authors Dr. Mitchel Herian and Dr. Eric Thompson of the UN–L Bureau of Business Research.

The study found projects completed through the NHTC program have supported 2,457 jobs and with a total impact of $82.7 million in wages.

History Nebraska said other key findings show of 14 NHTC supported projects with available property tax data, 11 experienced increases in assessed property value from the year the property upgrades were approved to the following year.

"The average property saw an increase of 94.3% in its valuation. The report also shows adjacent properties saw an average increase of 8.3% in assessed value," write Herian and Thompson. "In sum, NHTC projects and their adjacent properties tend to experience substantial increases in property value."

The Nebraska Historic Tax Credit was authorized by the Nebraska Job Creation and Mainstreet Revitalization Act of 2014.

To see one of the local projects utilizing this tax credit, click here.