The Two Sides To Historic Preservation

There's a thin line between critical revitalization and excessive gentrification.
February 24, 2006, 8am PST | David Gest
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Historic preservation "can help save a crumbling neighborhood; It can also be used as a form of economic cleansing â€" a way to 'improve' a neighborhood by attrition, forcing the less affluent to sell out to those who can keep up with the expense and paperwork.

...If you are approved for federal historic tax incentives, there is a 20 percent tax credit available to investors. This credit is available only for rental properties. Say the total development cost is $100,000. An investment of $20,000 for a tax credit of the same amount can lure funding from people who would not otherwise dream of an edgy neighborhood like Parkside [Philadelphia], and make a significant dent in mortgages for those, like Brown, with equal passions for history and community."

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Published on Thursday, February 23, 2006 in Philadelphia City Paper
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