Commercial property investments stimulate the local economy.
Commercial property grants are available to land heirs, especially in economically depressed areas. These grants are funded by government agencies, private companies, welfare organizations, individual real-estate traders and associations of real-estate investors. Grant eligibility varies according to the type of commercial property inherited. Inherited property that is used commercially for shopping malls, apartment buildings, rental homes, stores, offices, parking lots and farms, for example, may be eligible for commercial property grants.
Grants for Inherited Historic Property
Like a real-estate grant, a commercial property tax credit does not have to be repaid.
The Federal Historic Preservation Tax Incentives Program, created in 1976 and still active as of 2011, was designed to inspire commercial property owners who have inherited or purchased their property in the private sector to rehabilitate historic buildings. It also applies to low-income housing in historic buildings such as offices, rental housing, retail stores and abandoned structures of all varieties. The program offers a 20 percent tax credit exclusively to properties that have been restored for income-producing purposes. This grant cannot be used to renovate the home you've inherited if you live in it. If a defined portion of the residence is used for business such as an office or rental you may be eligible for the tax credit. Eligible inherited commercial properties include those listed in the National Register of Historic Places; or a building that has been determined eligible by the State Historic Preservation Office; individual listings in the National Register; or property that is included in a local certified historic district.
Energy Conservation Grants for Inherited Commercial Property
Owners of inherited commercial property in Chicago may be eligible for energy conservation grants.
As of July 2011, select cities like Chicago, Illinois, for example, received funding from the Federal Energy Efficiency and Conservation Block Grant to create and implement strategies for energy-efficiency conservation and green job creation. These grants are available to inherited and non-inherited commercial properties and provide half the funding for projects that increase a building's overall energy efficiency. The ceiling award amount is $40,000 per grant. Grant applications and guidelines are available at Cityofelgin.org.
Assisted Housing Stability Grants for Inherited Property
Government commercial real estate grants for inherited and non-inherited property can be found at Grants.gov. One such grant, for example, is the Assisted Housing Stability and Energy and Green Retrofit grant program; created March 10, 2009, which awards a total of $250,000, as of 2011, to multiple recipients annually. These grants are dispensed through the U.S. Department of Housing and Urban Development's (HUD) office of Affordable Housing Preservation. The grant helps property owners make energy and green retrofit upgrades to ensure continuing preservation with energy-efficient technologies. A physical and financial analysis of the property must be conducted to determine the grant award.
Grants for Inherited Rural Property
Grants are available to owner's of inherited rural property for the creation of self-sustaining communities.
The Rural Business Opportunity Grant program, created on July 1, 2011, awards a total of $2,500,000 in government grants annually to 27 recipients, including those whose property was inherited, with a maximum ceiling per grant of $150,000. These grants are for the development of a sustainable economy in rural communities with exceptional needs through training and technical assistance and business development. Eligible owners of rural inherited property include Indian tribes and cooperatives with primarily rural members that serve the community. Property heirs must demonstrate that they have the ability and expertise to carry out the activity to be funded.
Tags: Grants Inherited, These grants, Assisted Housing, Assisted Housing Stability, awards total
