H.R. 295 would authorize the appropriation of $10 million annually from 2017 through 2023 for the Historic Preservation Fund to provide grants for the restoration and preservation of historic buildings at Historically Black Colleges and Universities (HBCUs). No funds have been appropriated for this program since 2009.
Although, the legislation would authorize an annual appropriation of $10 million through 2023, CBO estimates that demand for the preservation grants would be less than that amount. Information from the National Park Service (NPS) suggests that many eligible institutions cannot provide the 30 percent of the project cost from nonfederal funds that is required under current law to receive a preservation grant. Based on information from the NPS about the expected number of grant applications and the amount of the typical grant award, CBO estimates that implementing the legislation would cost about $3 million a year and $12 million over the 2017-2021 period, assuming appropriation of the estimated amounts. Enacting the bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
CBO estimates that enacting H.R. 295 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027.
H.R. 295 contains no intergovernmental or private-sector mandates defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.
