87 to 92 cents on the dollar, so a $10,000 tax credit would
be worth $8,700 to $9,200 to a homeowner.
“This is a great program because it creates capital for positive public policy,” he said. “It stimulates investment and
that’s why the Wall Street Journal called Missouri’s program a ‘model for the nation.’
“I believe this could be replicated in any community
in the United States where you have similar kinds of
problems,” Friedman said. “It’s been used in over 66 Missouri communities. And in downtown St. Louis alone,
the program has been used to rebuild over 100 historic
structures. It’s also added over five thousand new residents
— many of them college graduates — and it’s benefitted lots of neighborhoods, too, because St. Louis is a city
Tim Vogt, co-owner of Millennium Restoration and Development Corp., said since 1999 his company has restored
more than 50 city properties using historic tax credits.
“These were both our own development projects that were
for sale and also properties that we served as the general
contractor for our customers,” he said. “Without the tax
credits, these properties would probably have never been
redeveloped and would not have been able to be sold at
affordable market prices. Many of our buyers are mod-
erate-income to middle-income households.”
He said his company has rehabbed homes in numer-
ous St. Louis neighborhoods, including Tower Grove
East, Benton Park West, Gravois Park, Benton Park,
Soulard, McKinley Heights and Lafayette Square. The
projects ranged from single-family rehabs; to two-family
conversions to single family; four-family conversions to
townhomes; six-family conversions to townhomes; and
storefront buildings into residential homes.
“Many of our projects were market-rate developments, and some were affordable developments
utilizing Community Development Block Grant funds
Without the tax credits, these
properties would probably have
never been redeveloped.
Millennium Restoration and Development Corp. restored The George Denison House — a house built for a
prominent St. Louis attorney in 1831 — in the St. Louis neighborhood of Fox Park.