|
Historic Building Restoration Program and Incentives |
||
|
Program Summary |
|
|
|
The Heritage
Preservation Commission, formed in 2000, is a body that oversees
the City’s Heritage Preservation Ordinance. This ordinance
describes a number of
tax incentives
that are available to
owners of historic properties. These incentives are
available for both residential and non-residential properties.
Proper investment in one’s historic structure of
$1,250 or more will reduce City property taxes up to 50%.
Federal Tax Credits also offer incentives for restoration. This program provides either a 10% or 20% (of the restoration costs) tax credit based on the structures significance. This program is administered through the Texas Historical Commission and the National Park Service. Additionally, a low interest financing pool has been established locally through Citizens National Bank and Vintage Bank and the Federal Home Loan Bank of Dallas. Funds are available for restoration projects of commercial structures within the downtown area at 2% above FHLB lending rates. In sum, there are several incentives available to encourage property owners to consider restoration projects. The results will include improved building aesthetics, increased property values, beautification of our historic city and establishing a sense of pride in our community.
SAMPLE PROJECT
The benefits for a $30,000 restoration
project of a $100,000 building in 2002 could look like this:
Tax Incentive:
$ 308.75
20% Tax Credit:
$6,000.00
Total Savings:
$6,308.75
The remaining project costs could be
financed at 2% above FHLB lending rates.
|
||
