The state of Ohio is giving out $576,000 in tax credits to support the overhaul the building that was home to one of Central Ohio’s oldest savings and loan institutions, which has a railroad connection.
The Railroad Employes Building & Loan Co. building on Broad Street in downtown Columbus was constructed to serve the organization that provided loans to railroad employees seeking to build or purchase homes. The five-story commercial building, located across from the Ohio Statehouse, will be converted to include commercial space on the first floor and seven apartments on the upper floors.
The project is expected to cost more than $5.2 million.
The money is part of more than $86 million in tax credits for 37 projects to support the preservation and revitalization of dozens of historic buildings across the state as part of the Ohio Historic Preservation Tax Credit program.
“Historic rehabilitation programs such as the Ohio Historic Preservation Tax Credit and federal historic tax credits breathe new life into main streets, boost local economies, and protect the environment—with the added bonus of preserving local history,” Diana Welling, state historic preservation officer, said in a release.
The state is also giving $400,000 in tax credits for the REA Depot rehabilitation project in Akron.
The more than $3.2 million project will rehabilitate the historic REA Depot Building by updating finishes, restrooms, kitchen facilities, and roofing systems while preserving its historic structure. All work will maintain the building’s historic character while improving functionality. The property will continue operating as a conference and banquet venue, supporting ongoing redevelopment efforts in the surrounding area.
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