Lake Eola Heights Historic Neighborhood Association

FEDERAL Historic Preservation Tax Incentives

FEDERAL Historic Preservation Tax Incentives

WHO WE ARE
The Federal Historic Preservation Tax Incentives program is one of the nation's most successful and cost-effective community revitalization programs. The program fosters private sector rehabilitation of historic buildings and promotes economic revitalization. It also provides a strong alternative to government ownership and management of such historic properties. The Federal Historic Preservation Tax Incentives are available for buildings that are National Historic Landmarks, that are listed in the National Register, and that contribute to National Register Historic Districts and certain local historic districts. Properties must be income-producing and must be rehabilitated according to standards set by the Secretary of the Interior.

PROGRAM PARTNERS
Jointly managed by the National Park Service and the Internal Revenue Service in partnership with State Historic Preservation Offices, the Historic Preservation Tax Incentives program rewards private investment in rehabilitating historic buildings. Prior to the program, the U.S. tax code favored the demolition of older buildings over saving and using them. Starting in 1976, the Federal tax code became aligned with national historic preservation policy to encourage voluntary, private sector investment in preserving historic buildings.

HOW WE HELP
The Historic Preservation Tax Incentives have proven an invaluable tool in revitalizing communities and preserving the historic places that give cities, towns, and rural areas their special character. The Historic Preservation Tax Incentives generate jobs, both during the construction phase and in the spin-off effects of increased earning and consumption. Rehabilitation of historic buildings attracts new private investment to the historic core of cities and towns and is crucial to the long-term economic health of many communities. Enhanced property values generated by the Historic Preservation Tax Incentives program result in augmented revenues for local and state government through increased property, business, and income taxes. Historic Preservation Tax Incentives also create moderate and low-income housing in historic buildings.

STATS
Since 1976, the Historic Preservation Tax Incentives have produced these benefits for the nation:
• rehabilitated more than 32,000 historic properties
• stimulated over $33 billion in private investment
• rehabilitated more than 185,000 housing units and created over 140,000 housing units, of which over 75,000 are low and moderate-income units

RELATED HPS PROGRAMS
Technical Preservation Assistance
NPS PROGRAMS
National Register of Historic Places
National Historic Landmarks Survey

LEARN MORE ABOUT IT
Write: Federal Historic Preservation Tax Incentives, Heritage Preservation Services (2255), National Park Service, 1201 Eye St. NW, Washington, DC 20005
Phone: Michael Auer at (202) 354-2031
FAX: (202) 371-1616
E-Mail: nps_hps-info@nps.gov

Please note that The Lake Eola Heights Historic District IS on the National Register of Historic Places. This designation qualifies ALL CONTRIBUTING structures in our district for eligibility.


Posted by eola on 02/27/2005
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