Historic Preservation Grants & Incentives

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Historic Preservation Grants & Incentives

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National Trust Preservation Funds

Grants from the National Trust Preservation Funds encourage preservation at the local level by providing seed money for preservation projects. The majority of our funding is awarded for planning activities and educational efforts focused on engaging new audiences in the preservation movement. Funding generally ranges from $2,500 to $5,000, and all grants must be matched dollar-for-dollar.

Grants are typically awarded annually in three competitive rounds: February 1, June 1, and October 1. For more information on this program contact NCICG staff.

Historic Preservation Incentives for Private Owners

The Illinois Historic Preservation Tax Credit Program  provides a state income tax credit equal to 25% of a project’s qualified expenditures to owners of certified historic structures located within River Edge Redevelopment Zones (Aurora, East St. Louis, Elgin, Rockford and soon Peoria) who undertake certified rehabilitations during the taxable year.

For information on the current program, administered jointly by the Department of Commerce and Economic Opportunity (DCEO) and the Illinois Historic Preservation Agency (IHPA), go to: www.illinoishistory.gov/PS/IHPATCP.HTM .

The Property Tax Assessment Freeze for Historic Residences  (owner-occupied: single family homes, condominiums, cooperative unit, or multi-family building up to 6 units) freezes property taxes over a 12-year period after rehabilitation of the property. There is a minimum investment of 25% the property’s market value, as determined by the County Assessor. The building must be a certified historic structure.

20% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing building. This dollar-for-dollar Federal income tax credit equal to 20% of the construction costs may be used by the building owner or sold to a tax credit investor. The minimum investment is 100% of the building’s “adjusted basis”; that is, the purchase price minus the land cost and depreciation, plus prior improvements. The building must be a certified historic structure.

10% Federal Rehabilitation Tax Credit is available for rehabilitating an income-producing, non-residential building built before 1936. (This is NOT for properties listed on the National Register of Historic places or in local landmark districts). This dollar-for-dollar Federal income tax credit equal to 10% of the construction costs. The minimum investment is 100% of the building’s “adjusted basis”; that is, the purchase price minus the land cost and depreciation, plus prior improvements. Use IRS form# 3468.