Historical house
Interest in preserving America's historical heritage is reflected in increased effort to restore historical houses. In many ways, the homes that previous generations have built and maintained reveal many aspects about their preferences, beliefs and daily lives. Preserving historical houses can be assisted by grants in some cases, depending on who owns the property and how the building is used. Does this Spark an idea?
Residential Properties
The financial assistance available to private owners of residential homes is somewhat limited to tax assistance and loan programs. Preservation easements may be granted by the homeowner to an organization or government agency to accept the responsibility of restoring and preserving the property (a state historic preservation office, or SHPO, would be a contact for this type of information). There are loans that can be made available through the U.S. Department of Housing and Urban Development for specialized mortgages to assist both individuals and investment groups in purchasing and restoring historical houses. An individual may also become a curator for life in return for funding the restoration of an historic home.
Commercial Properties
A trend in the effort involved in restoring historic houses is the purchase of such a building for a commercial venture. This is accomplished to a large extent through community groups such as nonprofit organizations or real-estate development groups (the Main Street Program is an example) and for-profit entities. A branch of the National Trust for Historic Preservation known as the National Trust Community Investment Program is a for-profit subsidiary backed by government funding that makes equity investments in historic properties that includes a 20 percent federal tax credit. This program is for larger development projects costing a minimum of $6 million and that bring in at least $1,500,000 in tax credit equity.
Nonprofits and Public Agencies
Local and state agencies offer assistance in restoring historic houses to nonprofit organizations and other public agencies. One example of this is the Cynthia Woods Mitchell Fund for Historic Interiors, a Connecticut-based subsidiary of the National Trust that provides funds for restoring interiors of historic houses. Such funds can be used to hire professional advice in restoration techniques or for holding conferences and workshops. The National Trust provides a state-by-state list of available tax incentives for these types of programs, and many local community-based preservation groups, planning commissions and housing agencies have programs available to assist in restoring historic houses and other buildings with historical significance to the community. These programs often include the development of plans of action that involve such entities as the local chamber of commerce, investment groups and citizen organizations.
Tags: historic houses, National Trust, historical houses, restoring historic, restoring historic houses, investment groups
