As I mentioned in the last post, I had some visitors over to see the house in the hopes of pursuing listing on the National Register of Historic Places. You might be asking why…so I’ll tell you.
The National Register of Historic Places is the federal list of districts, sites, buildings, and structures deemed worthy of preservation. Established in 1966 as part of the National Historic Preservation Act, the register is an honorary distinction that does NOT prohibit a property owner from altering their property in any way they see fit (including demolition). What it does protect is any listed property from being altered or adversely affected by any project that utilizes federal funds without due-process and oversight from the State Historic Preservation Office and National Park Service. Also, your property does not have to be a building of national significance, instead the whole goal of the register is to instill pride and spread knowledge of communities’ cultural heritage at a local level. Where it gets more enticing are the Rehabilitation Tax Credits offered at the State and Federal levels. The rehabilitation tax credits seek to incentivize the revitalization of historic properties and communities. In New York State the combined tax credits available for the rehabilitation of income producing properties that are listed on the National Register is a whopping 40% of the construction costs. This rehabilitation tax credit system is one of only a few government tax incentive programs that actually nets a significant return on investment, but don’t take my word for it, check out what others more knowledgeable than me have proven about it.
My Perfect Little Money Pit 