Dozens of projects have applied to qualify for $34.5 million in historic tax credits, a program reopened this year.

The Rhode Island Division of Taxation says it received 39 applications last week for more than $54 million in tax credits, around $20 million more than is available.

The agency will hold a drawing at the end of the month to determine which projects receive the credits.

Rhode Island's historic tax credit program closed to new applicants in 2008, but some projects were abandoned, leaving $34.5 million unspent. The General Assembly and Gov. Lincoln Chafee this year made that money available to new projects.

The money can be used to redevelop historic buildings. Projects can get a credit of 20 percent of what is spent, up to $5 million.

[Associated Press]