Rehabilitation Tax Credit Information and Links

More Information on Rehabilitation Tax Credits

Federal and State Rehabilitation Tax Credits

http://www.dhr.virginia.gov/tax_credits/tax_credit.htm

Important Links for Tax Credits Information

• Tax Credits Homepage
• Forms
• FAQs About Tax Credits
• Facts About Va.’s Tax Credit Program
• Final Virginia Regulations (PDF)
• Sample Desciption of Rehab. Proposal
• Selected VLR/NR Historic District Maps
• Preservation Briefs, Tech Reports, Etc.

The preservation of historic buildings benefits communities. Historic places connect us to our heritage and enrich the quality of our lives in many tangible and intangible ways. Their preservation also provides demonstrable economic benefits.

Through the federal and state rehabilitation tax credit programs, property owners are given substantial incentives for private investment in preservation, resulting in enormous advantages to the public.

Both the federal and state tax credit programs are administered in Virginia through the Department of Historic Resources.

State tax credits are available for owner-occupied, as well as income-producing buildings. If your property is income-producing, you may also be able to take advantage of federal tax credits.  For more information about the state tax credits, please read the additional pages on this website. Also, information and assistance with tax-credit projects may be requested from DHR’s Richmond office. Contact Elizabeth Tune at (804) 482-6093 or Julie Langan at (804) 482-6087.

A study conducted in 2007 (and updated in 2010) concluded that since the state tax credit program’s inception in 1997, it has spurred private investment of approximately $1.5 billion in the rehabilitation of more than 1,200 landmark buildings. This investment in turn has generated an economic impact of nearly $1.6 billion in the Commonwealth and created more than 10,700 jobs and $444 million in associated wages and salaries (for more information, see this January 2008 publication Prosperity through Preservation ).

This money represents costs paid into the construction industry for architects, contractors, craftsmen, and suppliers, with a corresponding increase in local employment. The capital improvement to the buildings results in significant increases in local property taxes, as well as a general enhancement in commercial activity. The rehabilitated buildings provide needed housing (in many cases, low- and moderate-income housing), and office, retail, and other commercial space. As a result, communities benefit from property improvements, blight removal, and increased occupancy of buildings in historic core neighborhoods.

Updated 5.16.2013

Rehabilitation Tax Credits.

This month Hollin Hills gained a Historic designation. Below is information to clarify what this means for tax credits and where you can go to find precise data/information to support it.

Thank you Laura V. Trieschmann for such excellent information.

 This picture is from a mid-century armstrong ad.

National Register and Tax Credits

Laura V. Trieschmann

Senior Architectural Historian

EHT Traceries, Inc. | historic preservation

I wanted to pass along some information to post or relay to others regarding the nomination and tax credits.

The best for tax credit information is the Virginia Department of Historic Resource’s site:

http://www.dhr.virginia.gov/tax_credits/tax_credit.htm

Rehabilitation Tax Credits are dollar-for-dollar reductions in income tax liability for taxpayers who rehabilitate historic buildings. Credits are available from both the federal government and the State of Virginia. The amount of the credit is based on total rehabilitation costs. The federal credit is 20% of eligible rehabilitation expenses. The state credit is 25% of eligible rehabilitation expenses. In some cases, taxpayers can qualify under both programs, allowing them to claim credits of 45% of their eligible rehabilitation expenses.

There is a wonderful FAQ page at http://www.dhr.virginia.gov/tax_credits/tax_credit_faq.htm

Jere Gibber indicated there was some confusion regarding the nomination, so I wanted to also give you the proper website to help clear up any misinformation.

http://www.dhr.virginia.gov/registers/register.htm

Registration is an honor bestowed on historic properties by the state and federal governments. It recognizes the historic value of a property and encourages present and future owners to continue to exercise good stewardship. Owners of registered properties may donate historic preservation easements  (which can reduce real estate taxes), qualify for the state and federal historic rehabilitation tax credits, receive technical assistance from department staff for maintenance and rehabilitation projects, and purchase plaques that mark the property’s significance. There is no downside to listing.

The FAQ is http://www.dhr.virginia.gov/registers/register_faq.htm

Please let me know if you have any other questions or concerns. Thanks a million, Laura

Laura V. Trieschmann

Senior Architectural Historian

EHT Traceries, Inc. | historic preservation

1121 5th Street NW Washington, DC 20001

T 202.393 1199  F 202.393.1056

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Letter from Ron McCallum in Hollin Hills

Hollin Hills Historic District Status Approved!

The Virginia Department of Historic Resources today approved Hollin Hills as a Virginia landmark historic district.  The Department’s State Review Board also voted unanimously to forward the nomination to the National Park Service for listing on the National Register of Historic Places. There are many Hollin Hillers who have helped bring this watershed event about. They include the yeoman work performed by the Hollin Hills National Register Nomination Committee, co-chaired by Jere Gibber and Pam Koger-Jesup, and comprised of committee members John A. Burns, Judy England-Joseph, Robert Fina, Tom Kerns, Bob Kinzer, and Scott Wilson. Thanks also those who recently updated the photographic record to document physical changes made to properties subsequent to the original submissions. They are Chris McNamara, John Burns, Ken Williams and Ron McCallum. There is also a group of volunteers whose names I don’t have but who worked diligently on the nomination process when it first began.  Once their names are made available, their unsung status will be rectified.  In the meantime, a hearty thanks to all of you! Finally, special thanks to CAHH past President Jay Pascoe and Laura Trieschman of the consulting firm of EHT Traceries for their work last year in finalizing the needed documentation to support the nomination. Congratulations to the Hollin Hills community and to the members of the civic association whose financial and other support for this and other activities make Hollin Hills the very special place it is.

Ron McCallumPresident Civic Association of Hollin Hills

Mid-Century Ephemera

Hollin Hills is a unique neighborhood of mid-century modern homes, but it isn’t only the buildings that are unique, it is also the amazing amount of literature and advertising documents available from when the homes were originally being sold that makes it stand out.

Today the advertising can often be found online to view, but some of the Hollin Hills homes also had landscaping plans drafted by Dan Kiley or Voight that are on file at Harvard University under the original owner’s name. This creates an opportunity to go on a treasure hunt of sorts to find the landscaping designs for specific Hollin Hills homes.

As Hollin Hills prepares to be designated as an historic neighborhood this summer (fingers crossed) the original information is even more exciting and helpful for understanding what it was designed to be by Charles Goodman and what it has become. My Hollin Hills home actually had a plan to add a slide off of the deck beside the second floor front door. I must confess I had never even considered that!

Perhaps your neighborhood has something special about it too. You may be able to find old documents, floor plans or maps of that show how it was at the start of development or even earlier than that.  Here in the Alexandria area, many homes have been built on land that was part of George Washington’s original five farms of Mt. Vernon and they are fortunate enough to have documentation to prove it.

If you have anything so special for your home, consider framing it for your wall as a fun conversation piece. If you are selling your home, certainly include it in the information potential buyers see, it helps clarify what is special about your home from all of the others. With the large amount of moving that happens regularly in the D.C. area, an emotional connection to a property is a big deal.  Feeling like you are buying a piece of history is a great way to accomplish that.