How do I Finance the Restoration of a Historic Building?
UpdatedNot every state offers the same financial assistance for historic building owners, so it is a good idea to contact all of the following agencies in your state for information on their grants and loans: Historic Development Commission, Department of Planning and Economic Development, Housing and Redevelopment, and State Historic Preservation Office. Please read through this document for other sources of funding or advice.
Federal Tax Incentive
Currently the only federal tax incentive for historic preservation is for the rehabilitation of income-producing (commercial, industrial, or rental residential) buildings included on the National Register of Historic Places (or those within a National Register district). Contact your State Historic Preservation Officer (SHPO) for federal rehabilitation tax credit information. Note that the rehabilitation of income-producing buildings must follow the Secretary of the Interior's Standards for Rehabilitation to be eligible for federal tax credits. The National Trust Community Investment Corporation's website includes helpful information on the rehabilitation tax credit; please visit: http://www.ntcicfunds.com/basics/index.html In addition, the National Park Service's website provides useful information about the federal tax incentives program, which can be accessed using this link: http://www.cr.nps.gov/hps/tps/tax/index.htm.
State Tax Incentives and Funding
Contact your SHPO for more information about state tax incentive programs available in your state. Contact information can be found online at. The National Trust also has state-by-state summaries of tax incentives for historic preservation. The tax incentives chart is online at http://www.preservationnation.org/resources/public-policy/center-for-state-local-policy/additional-resources/MPP-State-Tax-Credits-2007.pdf.
Other Sources of Federal Financial Assistance
U.S. Department of Agriculture's Farmers Home Administration offers funds for the acquisition, construction, repair or rehabilitation of homes and apartment-style housing for low and moderate-income people in rural areas. For more information, call 202-720-4323.
U.S. Department of Energy's Low Income Household Weatherization Program offers grants for weather resistance projects for low income individuals. For information, call (toll free) 1-877-337-3463.
U.S. Department of Health and Human Services' Low Income Home Energy Assistance Block Grants help low-income families, the elderly and handicapped finance home energy costs and the required technical assistance. For more information, call 202-401-9351.
