OWU Building Earns Historic Tax Credit For Renovation

The former Phi Delta Theta House at Ohio Wesleyan University is getting a $7.7 million upgrade and The Ohio HIstoric Preservation Tax Credit Program has included it in its 23rd round of funding.

The former fraternity house is going to be upgraded to remain student-housing while being brought to the level that today’s college students expect.

The Project

  • Phi Delta Theta House (Delaware, Delaware County)
  • Total Project Cost: $7,723,184
  • Total Tax Credit: $764,672
  • Address: 19 Williams Drive, Delaware, 43015
  • The Phi Delta Theta House at Ohio Wesleyan University is located in the Fraternity Hill Historic District that includes several mid-20th century residences. The building, now vacant, will be rehabilitated by the University for continued future use as student housing with work being done to improve the mechanical systems, upgrade the finishes and accommodate ADA access.

The Program

The Ohio Historic Preservation Tax Credit Program provides a tax credit in order to leverage the private redevelopment of historic buildings. The program is highly competitive and receives applications bi-annually in March and September.

With 23 rounds of funding complete, tax credits have been approved for 453 projects to rehabilitate over 600 historic buildings in 71 different Ohio communities. The program is projected to leverage more than $6 billion in private development funding and federal tax credits directly through the rehabilitation projects.