The city-appointed committee to stimulate revitalization and controlled development has adopted a name--Wilmore Community Development. The action was taken at the committee's meeting during May.
The committee is focusing on organizational elements for the community and encouraging everyone to work toward the same goal. Several projects have been discussed by the committee which would provide community unity such as a logo, community focal point, and directional signage.
The committee's next meeting is scheduled for June 11 at 5:30 p.m. in City Hall. The public is invited to attend and provide input.
Only a limited number of federal programs are available to homeowners who are preserving their own important resources. Because of that fact, the United States Congress is considering extending the Historic Rehabilitation Tax Credit to homeowners. Expanding the current tax credit to include historic residences would create incentives for preservation of historic buildings and districts, stimulating economic revival in decaying neighborhoods and communities across the nation.
The bill would create a 20% federal income tax credit, based on qualified rehabilitation expenses, for homeowners who rehabilitate or purchase a newly rehabilitated historic house and occupy it as a principle residence, up to a total of $50,000. The bill would also allow low-income homeowners to receive an alternative benefit in the form of a Historic Rehabilitation Mortgage Credit Certificate which could be used to buy down the interest rate of the mortgage or, when buying a home in a distressed area, to lower the downpayment.
Individuals interested in this effort are encouraged to contact their federal legislators about House of Representatives Bill 1134/Senate Bill 496.
--Mary Kozak
Preservation projects in Kentucky generated $913 million over the last 15 years according to a report commissioned by the Kentucky Heritage Council and the Commonwealth Preservation Advocates. The report was authored by Donovan Rypkema who is recognized as the nation's leading authority on the economic impact of historic preservation. The report notes that Kentucky is ranked fourth in the 50 states for the number of buildings on the National Register of Historic Places. Kentucky has more than 10,000 historic buildings on the list.
The report links preservation projects to important economic issues such as creating jobs, increasing affordable housing, stimulating tourism and helping to revitalize city centers. Since approval of the 1981 tax credit for renovation or rehabilitation of historic buildings that would produce income, 1,370 historic buildings have been returned to productive use through private investment totaling $432 million. The projects created 8,550 construction jobs and another 10,493 jobs in the economy, generating just over $354 million in household income, according to the report.
Preservation also has been instrumental in the revitalization of older, inner-city neighborhoods. Homes built before 1950 are being renovated in some cities to increase the supply of affordable homes.
Tourism is another area cited in the report in which preservation has played an important role. Visiting historic places is the number one reason visitors select Kentucky as a travel destination. Of the 520 visitor sites identified in the State's Official Vacation Guide, fully two-thirds of them have historic significance. Not every community can have a major tourism attraction such as Churchill Downs, Mammoth Cave or Shaker Village but many do have bed and breakfast facilities that add to the local economy. If a couple stays just one night at a B&B and spends--
Based on regional economic multipliers, the local community receives--
Another area of preservation that has added to Kentucky's economy is the Main Street Program, a national effort aimed at preserving and revitalizing downtowns. About 40 Kentucky communities are in the Main Street Program with many others requesting inclusion in the program.
Historic preservation is using historic resources to foster our appreciation of the economic benefits of Kentucky's diversity, enhancing local property values, protecting Kentucky's environment, and recreating a sense of trust and community pride. "Historic preservation used to be seen by some as looking only to the past. Kentucky's Main Street Program has demonstrated that using historic resources is the way to prepare for the economy of the future."
--Mary Kozak