Historical Structure Restoration Grants
"We shape our buildings; thereafter, our buildings shape us." This quote by Winston Churchill emphasizes the need to preserve our past through the preservation and rehabilitation of our historical buildings. There are many federal and state resources that can assist you with one of these important projects.
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Residential
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From a residential perspective, there is a federal program called the section 203(k) program with the U.S. Department of Housing and Urban Development. This program is for home buyers interested in rehabbing their homes. Although not an outright grant, this is a program that allows home buyers to factor in some repair and rehabilitation projects into their mortgages. With the section 203(k) program, home buyers can secure financing for the projected value of the home after the repairs and updates are completed. This is a great option for restoring a historic property.
Not For Profit
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If you are restoring a not-for-profit structure, such as a church, there are several federal and state resources available. There is funding available through the National Trust Preservation Fund. The Johanna Favrot Fund for Historic Preservation is one of these programs, specializing in preserving a historic sense of place. The Cynthia Woods Mitchell Fund for Historic Interiors concentrates on preserving and interpreting historic interiors. The National Trust Preservation Fund offers matching grants for "preservation planning and educational efforts" and funds for preservation emergencies.
On a state level, 31 states offer rehabilitation tax credits. Although this is a credit and not a direct grant, this state offering can help finance your preservation efforts. Most state credits include criteria for qualifying buildings, standards for the preservation process, a method for calculating the credit, a minimum amount that must be invested in the rehabilitation project, and an office for administering the program (e.g. a state historic preservation office).
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For Profit
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The National Trust Community Investment Corporation (NTCIC) is an excellent resource for developers seeking aid to rehab a historic property for a for-profit business. The NTCIC makes equity investments in properties that are eligible for the federal historic rehabilitation tax credit. These investments are used for rehabilitation projects within the historic structure. To be considered, a project must have $6 million in total development costs. Smaller projects will be considered individually via the Small Deal Fund.
The federal historic rehabilitation tax credit is also an excellent resource for rehabbing your historic building. The amount of this tax credit is equal to 20 percent of the cost of rehabbing a historic building for use commercially. The caveat is that the building must be a certified historic structure to qualify. There may be similar credits available on a state level, and you can contact your state historic preservation office to learn more.
Private Funds
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In addition to federal and state resources, you may find that your local historic preservation organization also has money available to assist you with your rehabilitation. Your state historic preservation office can help you contact an organization near you.
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References
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