When it comes to turning old buildings into new buildings, Louisiana sets the standard. Andrea McCarthy, the tax credit program director of the Louisiana Office of Cultural Development, says since 2021, Louisiana has rehabilitated more than 400 historic buildings, including several in New Orleans.
“The biggest project we’ve had there, that’s been completed, is the World Trade Center building, which was completed a couple of years ago,” McCarthy noted.
Last year, Louisiana completed 94 projects using federal tax incentives for rehabilitating historic buildings. That’s the second most in the country, ranking only behind New York. McCarthy says in order to qualify for the tax incentive, the rehabilitated building must produce income, like a hotel, and it has to be listed on the National Register of Historic Places.
“That listing can be either individual listing, or it can be through it being in a National Register Historic District,” McCarthy explained.
McCarthy says the money can be used for projects both small and large, as evidenced by a massive project happening in New Orleans’ Bywater neighborhood.
“This massive site that used to be a naval station, they’re converting that into housing and they’re using historic tax credits do so. This is going to be one of the largest housing projects in the history of the country,” McCarthy said.