Courtesy of Galena Gazette
GALENA–Interested in learning about financial incentives for preserving historic buildings?
If so, The Galena Foundation, First Community Bank of Galena and the DeSoto House are sponsoring a historic preservation program “Financial Incentives for Historic Buildings,” on Tuesday, Oct. 27 from 6-8 p.m., at the DeSoto House Hotel.
This program may be of interest if you are planning any major projects on a designated historic home or if your commercial building is located in the National Register Historic District. The program covers saving money with historic tax incentives and other financial sources for rehabilitation work.
Homeowners of owner-occupied residences can receive property tax benefits by qualifying for the property tax assessment freeze program. Income-producing property owners (commercial, office, rental residential, bed and breakfast, etc.) can qualify for federal income tax credits by utilizing the Federal Historic Preservation Tax Credits.
Easements and a limited number of grants may also be available for certain historic buildings.
Carol Dyson, AIA, Illinois Historic Preservation Agency chief architect and tax incentives manager, and Frank Butterfield, Landmarks Illinois Springfield office director, will present program information.
This is an opportunity to learn about the different applications and eligibility procedures for each of these programs.