As a reference point, the take-up rate in the U.S. was close to 0.5% for income-producing properties. Depending on the years, 50% to 60% of these projects also received state credits, because multiple states also have their own credit. In that case, on top of the 20% they received at the federal level, there was also a certain percentage of tax credit at the state level.
Obviously the higher the total tax credit or the total tax incentive, the higher the take-up is going to be and the higher chance of actually seeing historic rehabilitation.
What would be the right amount? We have no—