Home     |  

910.295.5400

Historic Preservation Tax Credits in North Carolina – Pinehurst Homes

If you are looking to for help remodeling a historic home in the Pinehurst, NC area, there are tax credits available that may help in paying for the process. There are many resources available online through the following resources. Contact Pinehurst Homes Inc. for assistance in getting your remodeling or historic renovation project off the ground.

Income Tax Incentives in NC

Income tax incentives for the rehabilitation of historic structures are important tools for historic preservation and economic development in North Carolina. A federal income tax credit for the rehabilitation of historic structures first appeared in 1976 and today consists of a 20% credit for the qualifying rehabilitation of income-producing historic properties. In January 2016, new North Carolina historic preservation tax credits took effect that provide credits for both income-producing and non-income producing historic properties. Since 1976, over 3,100completed “certified rehabilitation” projects have been reviewed by the N.C. State Historic Preservation Office, representing almost two billion dollars of investment in historic properties. The spinoff from all this activity includes job creation, downtown and neighborhood revitalization, improved community appearance, and greater community pride. Historic preservation is smart growth, and smart investment.

The Restoration Services Branch of the State Historic Preservation Office reviews and provides technical assistance to all preservation tax credit projects, both state and federal.

A rehabilitation must meet these standards to qualify as a “certified rehabilitation” for the purposes of both federal and state tax credits.

The Secretary of the Interior’s Standards for Rehabilitation

The Standards that follow were originally published in 1977 and revised in 1990 as part of Department of the Interior regulations (36 CFR Part 67, Historic Preservation Certifications). They pertain to historic buildings of all materials, construction types, sizes, and occupancy and encompass the exterior and the interior of historic buildings. The Standards also encompass related landscape features and the building’s site and environment as well as attached, adjacent or related new construction.

The Standards are to be applied to specific rehabilitation projects in a reasonable manner, taking into consideration economic and technical feasibility.

1. A property shall be used for its historic purpose or be placed in a new use that requires minimal change to the defining characteristics of the building and its site and environment.

2. The historic character of a property shall be retained and preserved. The removal of historic materials or alteration of features and spaces that characterize a property shall be avoided.

3. Each property shall be recognized as a physical record of its time, place, and use. Changes that create a false sense of historical development, such as adding conjectural features or architectural elements from other buildings, shall not be undertaken.

4. Most properties change over time; those changes that have acquired historic significance in their own right shall be retained and preserved.

5. Distinctive features, finishes, and construction techniques or examples of craftsmanship that characterize a property shall be preserved.

6. Deteriorated historic features shall be repaired rather than replaced. Where the severity of deterioration requires replacement of a distinctive feature, the new feature shall match the old in design, color, texture, and other visual qualities and, where possible, materials. Replacement of missing features shall be substantiated by documentary, physical, or pictorial evidence.

7. Chemical or physical treatments, such as sandblasting, that cause damage to historic materials shall not be used. The surface cleaning of structures, if appropriate, shall be undertaken using the gentlest means possible.

8. Significant archeological resources affected by a project shall be protected and preserved. If such resources must be disturbed, mitigation measures shall be undertaken.

9. New additions, exterior alterations, or related new construction shall not destroy historic materials that characterize the property. The new work shall be differentiated from the old and shall be compatible with the massing, size, scale, and architectural features to protect the historic integrity of the property and its environment.

10. New additions and adjacent or related new construction shall be undertaken in such a manner that if removed in the future, the essential form and integrity of the historic property and its environment would be unimpaired.

Note: To be eligible for Federal tax incentives, a rehabilitation project must meet all ten Standards. The application of these Standards to rehabilitation projects is to be the same as under the previous version so that a project previously acceptable would continue to be acceptable under these Standards.

Certain treatments, if improperly applied, or certain materials by their physical properties, may cause or accelerate physical deterioration of historic buildings. Inappropriate physical treatments include, but are not limited to: improper repainting techniques; improper exterior masonry cleaning methods; or improper introduction of insulation where damage to historic fabric would result. In almost all situations, use of these materials and treatments will result in denial of certification. In addition, every effort should be made to ensure that the new materials and workmanship are compatible with the materials and workmanship of the historic property.

Guidelines to help property owners, developers, and Federal managers apply the Secretary of the Interior’s Standards for Rehabilitation are available from the National Park Service, State Historic Preservation Offices, or from the Government Printing Office. For more information write: National Park Service, Preservation Assistance Division-424, P.O. Box 37127, Washington, D.C. 20013-7127.

Link to Federal Historic Preservation Tax Credits, posted by the National Park Service. Includes illustrated guidelines for rehabilitating historic buildings.

To read more, visit https://www.hpo.ncdcr.gov/tchome.htm

         

Contact us today for a FREE Custom Home Consultation

Contact Us Today
  • This field is for validation purposes and should be left unchanged.
Testimonials

Bottom line is, Mr. Haddock does what he says, delivering a high-quality product with no surprises. He and his company have our highest recommendation.

Maury and Linda

Award-Winning Custom Homebuilder
Leave Us A Review