For many rural townships, it's the only economic tool they have left:
Last year, Paul Norby, the director of the City-County Planning Department, told the Journal editorial board that the Wake Forest Innovation Quarter, using these credits, “has generated $200 million or more in economic investment.”
We’re not alone in benefiting from these credits. For some rural areas in the state, preservation tax credits could play a significant role in spurring economic and community revival. In a lead up to Wednesday’s address, McCrory toured the Hotel Concord on Jan. 30, which local officials hope to restore, and talked about hosting executives who consider investing in the region. “And the first place they want to go to is the center city, to see is there blight or decay or is there a future,” he told The Associated Press.
Republicans like to talk about bringing back old-fashioned values and such, so it's a little confusing why they would casually discard a program that restores historical structures. Their answer, which is becoming a pat response, is for government to "get out of the way" and let private investors do the work. I can tell you with absolute certainty that government is not standing in the way of investments in small towns or historical sections of larger cities. The truth is, those investments are simply waiting for a catalyst, and that catalyst is the government-sponsored refurbishing of key structures that will anchor the revitalization of a district.