What do historic districts mean for the City’s stock of great buildings? Help. Buildings located within an historic district may be eligible for federal and state tax credits for rehabilitation - and the credits can mean the difference between a project that works and one that does not.
Here’s two good examples:
In Benton Park, 28XX McNair has been completed as three units (two residences and one commercial unit). The south wall of the building had collapsed onto the sidewalk. Demolition was imminent. Members of the Benton Park Housing Corp. found the building’s owner and persuaded him to sell it. Enter Kiely Properties and the ability to use historic tax credits . . .
In Benton Park West, 29XX Salena, the long-vacant site of a former dairy, is being rehabbed by Tim Vogt and Millenium Restoration using tax credits. They’ll spend $3 million to turn the dairy warehouse into a loft-style home and half the site into a single-family home and a carriage house. Tax credits - and Tim’s eye - made this very ambitious project possible.
Could you do that?
In the 20th Ward, Requests For Proposals have been issued for the development of more than 20 properties, which because they are now in an historic district, may qualify for historic tax credits. Details of all CDA-issued RFPs can be found here.