Mark Milanese about the Coatesville Action Corporation-CAP and Historic Investment Tax Credits.

Mark Milanese CAP and Investment Tax Credit.mp3

"So maybe I can shed a little light on what the Coatesville Action Corporation did at that time and why. And what was accomplished.
So then Nancy was hired to create a Historic District and this was done between 1^st and 4^th from Fleetwood to Oak. Basically every property was surveyed, catalogued and a history was compiled. And those records are still at the County and available for anyone to procure.

So that was the first phase of the application for Historic Investment Tax Credits. There’s three phases. The intent was with that first phase completed that property owners would have the ability to develop properties in accordance with the Secretary of the Interior’s Guidelines on Historic Preservations. Those tax credits would allow them to develop properties. Either by selling the investment tax credit to people who needed tax credits because, let’s face it; property owners more often than not didn’t need income tax credit. They needed income. They didn’t need credit, they didn’t have income. So by selling those credits they could perhaps develop to the standards of the Secretary of the Interior. Of course, ultimately not one single property owner took advantage of that Investment Tax Credit and that’s not uncommon."