While this is old news, it should be noted here: On May 18, Missouri Third District Congressman Russ Carnahan introduced the Preserve Historic America Act of 2006 (HR 5420), a remarkable bill that would greatly enhance historic rehabilitation tax credits available at the federal level. Among many things, the bill would make federal tax credits available to owner-occupant rehabbers living in a house that is not drawing income. The bill also creates tax credits for moderate rehab projects and creates targeted tax credits for rehabilitation projects in low-income areas. If passed, the bill could be a boon to marginal areas like north St. Louis, and make it easier for low-income homeowners to rehab their historic homes appropriately without going broke.
Carnahan represents areas of south St. Louis that have seen extensive rehab using Missouri's state historic rehabilitation tax credit. His constituents there certainly support the bill, so in some ways it is easy for him to introduce it. However, the text of the bill is incredibly sensitive to the needs of historic preservation efforts in urban areas and shows careful consideration of real needs rather than pandering.
Congressman William Clay, who represents the rest of the city, is a co-sponsor along with 22 other members of Congress.
Read the full text of the bill here.