AIA Virginia publicly endorsed and supported a letter written by Preservation Virginia to Governor Ralph Northam that offers the perspective of using the Historic Rehabilitation Tax Credit (HRTC) as a vehicle for economic recovery. With some state officials projecting a $2 billion dollar budget deficit over the upcoming biennial, difficult spending decisions will have to be made regarding the recent budget. The letter notes that the spending generated by construction and related activities generates $4.20 to $5.30 of economic impact for every $1.00 of tax credit. In addition, it indicates that the HRTC program resulted in $467 million in economic output, supported by nearly 10,000 jobs for every $1 invested through the first three years.

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