[Congressional Record Volume 141, Number 109 (Friday, June 30, 1995)]
[Senate]
[Pages S9565-S9566]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


     THE INTRODUCTION OF THE HISTORIC HOMEOWNERSHIP ASSISTANCE ACT

 Mr. GRAHAM. Mr. President, today I join my colleague Senator 
Chafee in support of the Historic Homeownership Assistance Act, which 
he introduced yesterday. This will would spur growth and preservation 
of historic neighborhoods across the country by providing a limited tax 
credit for qualified rehabilitation expenditures to historic homes.
  An understanding of the history of the United States serves as one of 
the cornerstones supporting this great Nation. We find American history 
reflected not only in books, films, and stories, but also in physical 
structures, including schools, churches, county courthouses, mills, 
factories, and personal residences.
  The bill that Senators Chafee, Simon, Pryor, Johnston, and I are 
cosponsoring focuses on the preservation of historic residences. The 
bill will assist Americans who want to safeguard, maintain, and reside 
in these living museums.
  The Historic Homeownership Assistance Act will stimulate 
rehabilitation 

[[Page S9566]]
of historic homes. The Federal tax credit provided in the legislation 
is modelled after the existing Federal commercial historic 
rehabilitation tax credit. Since 1981, this commercial tax credit has 
facilitated the preservation of many historic structures across this 
great land. For example in the last two decades, in my home State of 
Florida, $238 million in private capital was invested in over 325 
historic rehabilitation projects. These investments helped preserve 
Ybor City in Tampa and the Springfield historic district in 
Jacksonville.
  The tax credit, however, has never applied to personal residences. It 
is time to provide an incentive to individuals to restore and preserve 
homes in America's historic communities.
  The Historic Homeownership Assistance Act targets Americans of all 
economic incomes. The bill provides lower income Americans with the 
option to elect a Mortgage Credit Certificate in lieu of the tax 
credit. This certificate allows Americans who cannot take advantage of 
the tax credit to reduce the interest rate on their mortgage that 
secures the purchase and rehabilitation of a historic home.
  For example, if a lower-income family were to purchase a $35,000 home 
which included $25,000 worth of qualified rehabilitation expenditures, 
it would be entitled to a $5,000 Historic Rehabilitation Mortgage 
Credit Certificate which could be used to reduce interest payments on 
the mortgage. This provision would enable families to obtain a home and 
preserve historic neighborhoods when they would be unable to do so 
otherwise.
  This bill will vest power to those best suited to preserve historic 
housing: the states. Realizing that the States can best administer laws 
affecting unique communities, the Act gives power to the Secretary of 
the Interior to enter into agreements with states to implement a number 
of the provisions.
  The Historic Homeownership Assistance Act does not, however, reflect 
an untried proposal. In addition to the existing commercial historic 
rehabilitation credit, the proposed bill incorporates features from 
several State tax incentives for the preservation of historic homes. 
Colorado, Maryland, New Mexico, Rhode Island, Wisconsin, and Utah have 
pioneered their own successful versions of a historic preservation tax 
incentive for homeownership.
  At the Federal level, this legislation would promote historic home 
preservation nationwide, allowing future generations of Americans to 
visit and reside in homes that tell the unique history of our 
communities. The Historic Homeownership Assistance Act will offer 
enormous potential for saving historic homes and bringing entire 
neighborhoods back to life.
  I urge my colleagues to support this bill for the preservation of 
history.


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