Spending on rehabilitation results in improved and affordable housing stock, urban revitalization and inner-city development, reduced automobile dependence, open space conservation, and reduced pressure on landfills. Cities that have a good stock of historic buildings have greater opportunities for heritage tourism, a key feature in history-rich Virginia. Heritage tourists stay longer, visit twice as many places, and spend more than twice as much money as other tourists.
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Since its inception in 1976, the Federal Rehabilitation Tax Credit has encouraged the rehabilitation of more than 31,000 historic properties representing over $31 billion in private investment.