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Combining state and/or federal historic tax credits with the federal New Markets Tax Credit is also a possibility if the project is located in a low-income census tract. Syndicating historic tax credits can be a significant advantage for developers, especially those who do not have sufficient tax liability to claim the tax credits themselves ...
For example, the City of Pasadena Historic Property Contract Program was established by ordinance in October 2002 under the authority of the Mills Act (California Government Code, Article 12, Sections 50280-50290). Under this act, local governments may enter into historic property contracts with owners of qualifying privately owned historic ...
The Historic Tax Credit (HTC) is the federal tax credit program that incentivizes the rehabilitation of historic buildings. The HTC, which has rehabilitated more than 38,700 buildings and leveraged about $106 billion in private investment nationwide, is in danger of being eliminated in current budget-balancing discussions in Congress. [34]
In 1976, the tax code was altered to provide tax incentives that promote the preservation of income-producing historic properties. The National Park Service was given the responsibility to ensure that only rehabilitations that preserved the historic character of a building would qualify for federal tax incentives.
Restoration of Historic Buildings. Restoration of historic buildings varies from country to country, just as with cultural heritage sites and other building restoration projects. Before any work is done on a historic building, conservator-restorers should consult local requirements. Best practices listed above still apply.
Clockwise from bottom left: a site, a building, a structure and an object. All are examples of National Register of Historic Places property types. The U.S. National Register of Historic Places (NRHP) classifies its listings by various types of properties. Listed properties generally fall into one of five categories, though there are special ...
The State Historical Building Code allows the local building inspector to approve alternative building codes [1] The property owner may engage in a contract with the local assessor for a property tax reduction through the Mills Act. Owners have the option to install their own plaque or marker at the resource site [1]
A contributing property, such as a 19th-century mansion, helps make a historic district historic, while a non-contributing property, such as a modern medical clinic, does not. The contributing properties are key to a historic district's historic associations, historic architectural qualities, or archaeological qualities. A property can change ...