The National Park Service has released its annual Federal Tax Incentives for Rehabilitating History Buildings report for the 2017 fiscal year, noting a 16 percent increase in approved rehabilitation projects and a 6 percent increase in certifications of significance over the previous year.

Nationwide, the NPS reported:

• 1,652 certifications of significance for rehabilitation (part 1)
• 1,501 preliminary certifications of rehabilitation (part 2)
• 1,035 certifications of completed work (part 3)

The NPS estimates the completed projects generated $5.82 billion and created 12,100 new housing units and rehabbed nearly 7,100 housing units, of which 6,800 were designated low or moderate income.

In Massachusetts, 46 part 1 applications were received and all were approved; 49 part 2 applications were received and 68 were approved (some pending from FY 2016); and 43 part 3 applications were received and 47 were approved. Qualified rehabilitation expenditures were estimated at slightly more than $394 million at project completion.