Historic and Older Properties

Do not get caught up on the phrase “Historic Preservation.” There are real tax credits to modernize a building built prior to 1936. Tax credits are available for performing work such as upgrading electrical, plumbing, heating and air conditioning, façade improvements, handicap accessibility. There are guidelines to abide by; however, look into these tax credits before performing work on your building. Old is beautiful.
 
Opportunity Illinois: Historic Preservation
Agency Illinois State Treasury
Program Description Organizations or businesses use community development loans to restore landmark buildings or historical structures for the benefit of future generations.
Funding Range Up to $10 million
Eligibility Must be certified historical landmark, must follow standards of rehab. Evidence as to its community benefit
 
Historic Preservation Tax Incentives
Agency US National Park Service
Program Description Federal tax incentives are available for the rehabilitation of old and historic buildings. There are two types of federal income tax incentives available:
Funding Rage Varies
Eligibility The 20% rehabilitation tax credit equals 20% of the amount spent in a certified rehabilitation of a certified historic structure. The 10% rehabilitation tax credit equals 10% of the amount spent to rehabilitate a non-historic building built before 1936.

Additional Information Contact the Marengo Historical Preservation Commission
 

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