Historic building in Salem awarded $250,000 in tax credit
The Ohio Development Services Agency awarded more than 26 million dollars in Ohio Historic Preservation Tax Credits to rehabilitate 51 historic buildings.
The projects are expected to leverage approximately $259 million in private investments in 11 communities.
The old Ohio Mutual Insurance Co. Building (Salem, Columbiana County) total project cost more than 1.2 million dollars, but they will receive $250,000 in tax credit.
The project is the first to be funded in Salem and the second in Columbiana.
The downtown building once served as an office for the Ohio Mutal Insurance Co. in 1897 and had a meeting hall on the third floor; however, the building has become vacant.
Once the rehabilitation project is completed, the building will house a restaurant and commercial space with apartments upstairs.
"Twenty-four rounds of this program have proven that historic preservation as a catalyst for investment in our downtowns and neighborhoods," said Lydia Mihalik, director of the Ohio Development Services Agency.
She also added, "These historic buildings will be a part of our recovery, providing homes for Ohioans and job opportunities during the rehabilitation and long after, when new businesses move into the buildings."
