Historic Tax Credits in Charlotte Amalie — Preservation & Growth
FOR IMMEDIATE RELEASE — April 18, 2025
On April 14, 2025, Fifteenand9Main submitted Part 2 of its historic rehabilitation project in the Charlotte Amalie Historic District to the U.S. Department of the Interior for review. This marks a key step toward securing the Federal Historic Tax Credit (HTC), which supports the preservation of certified historic structures.
Part 2 of the application confirms that the proposed work meets federal preservation standards, qualifying the project for a 20% tax credit on eligible rehabilitation expenses.
Federal Historic Rehab Tax Incentives — Guide for Charlotte Amalie
Federal Historic Tax Credit: A Proven Tool for Preservation and Economic Growth
Established 47 years ago, the HTC has helped preserve over 50,000 historic properties across the U.S., generating over $235 billion in private investment and creating 2.4 million jobs. According to Rutgers University, the credit pays for itself through increased tax revenue from related economic activity.
2024 HTC Annual Report — National Park Service
“From our own experience, restoring 15 Main—also known as 15 Dronningens Gade—required replicating the original Danish-style roof,” said a spokesperson for Fifteenand9Main. “This historically accurate approach raised labor and material costs, but those expenses contribute significantly to the tax base.”
Charlotte Amalie Roof Rebuild at 15 Main — Historic Form, Modern Waterproofing
Legislation to Strengthen the HTC Gains Momentum
The Historic Tax Credit Growth and Opportunity (HTC-GO) Act, introduced in Congress, proposes streamlining and enhancing the program. It would return the full 20% credit to a single year, increase the credit to 30% for smaller and rural projects, remove basis reduction requirements, and allow credit transferability.
“These improvements could be transformative for small developers and historic towns alike,” the spokesperson added.
Revitalizing Charlotte Amalie
The Charlotte Amalie Historic District spans 165.3 acres and was listed on the National Register of Historic Places in 1976. Despite its 574 contributing buildings, only one federal HTC approval has been documented in recent years.
“If our project is approved, we hope it serves as a catalyst for future preservation efforts,” said the spokesperson. “With stronger incentives and broader awareness, Charlotte Amalie can reclaim its place as a vibrant, historically rich destination.”
Media Contact:
Carol Shear
Managing Partner
Fifteenand9Main
historicalbuilding@fifteenand9mainstthomas.com
Note: As of this publication, the Historic Tax Credit Growth and Opportunity (HTC-GO) Act and proposed enhancements such as the 30% credit for rural or small projects have not been enacted. The project currently qualifies under the standard 20% Federal Historic Tax Credit.