The city is contemplating modifying the Mills Act, and hopefully not, end the program. This is a big issue since it affects a huge number of homeowners of single family homes as well as renters and owners of condos in many building in DTLA, Hollywood, Mid City, etc.
Contact the City Planning Dept to voice concerns: https://bit.ly/3yregJF
The Mills Act:
In California, the Mills Act can be linked with the 20% historic preservation investment tax credit provided by the Federal Historic Preservation Tax Incentives Program and the Tax Reform Act of 1986. Federal affordable housing tax credits may also be utilized with these incentives to offset rehabilitation costs. Over a half billion dollars of private investment in California’s historic buildings is due in a large part to this program. Preservation tax incentives used on under-utilized or abandoned hotels, offices, stores, schools, warehouses, and factories give new uses that maintain their historic character and revitalize the property.
Benefits of the Mills Act:
- Historic Preservation
- Housing Affordability via tax incentives
- Revitalization of once-derelict buildings
- Restoration instead of tearing down and increasing landfill waste
- Contributions to city economy due to restoration efforts
- Contributions to city in terms of historic and cultural monument status
- Reversal of blight in many areas
Mills Act Building in DTLA (in addition to the many structures and single family homes around LA!)
https://reinventingdtla.com/search-by-feature
Learn more about the Mills Act:
https://planning.lacity.org/preservation-design/historic-resources/incentives-resources/mills-act
