Tax credits awarded to local project

Staff report

YOUNGSTOWN

U.S. Rep. Tim Ryan on Wednesday announced $45.5 million in federal tax credits from the National Park Service for certified rehabilitation work on historic buildings across Akron and Youngstown.

Goodyear Hall in Akron will receive $31 million in tax credits and the Wick Building in Youngstown will receive $14.5 million in tax credits.

“Northeast Ohio has a wonderful history, and I am proud to have helped secure these critical tax credits for Goodyear Hall and the Wick Building to help continue that tradition,” said Ryan of Howland, D-13th, in a statement.

The Wick Building was rehabilitated by NYO Property Group of Youngstown for a price tag of about $16 million. The once-vacant Wick Tower brings 35 apartments downtown and 14 extended-stay housing units.

These tax credits are intended to encourage the rehabilitation and preservation of historic buildings and to promote economic renewal of older communities.

To be eligible for these credits, the National Park Service must certify the building as historic and determine that the completed rehabilitation work preserves the historic character of the building.

Since 1977, the National Park Service has certified more than 39,000 rehabilitation projects, representing a rehabilitation investment of more than $69 billion.