If Historic Tax Credits Don’t Turn You On – What About Unbreathable Paint?

However, you spent this past Tuesday, it wasn’t as much fun as what I got up to. I attended a Historic Tax Credit and Main Street Seminar at the Booker T. Theater. If that doesn’t make you weak in the knees, I don’t know what else to suggest. I mean a discussion about breathable and unbreathable paint!  Looking at slides of historical old homes with moisture damage and termites?  Kevin Harris gave us information about types of available Downtown Rocky Mount Building Assistance Programs. Peter Varney talked and led a tour of the Douglas Block area that was filled with valuable Varney first-hand information and an incredible institutional memory. Naomi Riley presented the Main Street Program in the afternoon which we’ll talk about another time.”It was a Way Cool! day.”

Good News: New city Business and Downtown Development Coordinator David Wise, one of three new hires for the City, devised this workshop as part of celebrating Preservation month. You are going to enjoy knowing and benefiting from David’s expertise. He is an idea man. You will have to catch hold of his shirttail to restrain him or else let him take you up into the atmosphere of exciting possibilities for Main Street’s future. Will Deaton, Director of Development Services and Stephanie Goodrich, Senior Planner, complete the trinity of accomplished, educated, focused professionals who have hit the track running. They are great additions to the Saving Main Street efforts. Hallelujah.

The seminar featured Reid Thomas, a restoration specialist with the State Historic Preservation Office. Besides paint and termites and moisture damage, he spoke about historic preservation incentives at the state and federal levels.  He is a valuable resource with endless advice in downtown preservation efforts.

The Important Stuff:  There is a 20 percent federal tax credit and a 15 percent state tax credit for rehabilitating commercial or income-producing properties. The state will offer a 5 percent bonus if the property is in a county that the state Commerce Department considers economically distressed. Nash and Edgecombe counties are on that list.  A 5 percent bonus if the property has industrial structures that have been at least 65 percent vacant for two years. You are looking at a 35 to 45 percent tax credit, a large saving.

People can spread out the federal and state credits over time. The property needs to be listed on the National Register of Historic Places, either individually or in a historic district. The property also needs to meet standards set by the federal secretary of the interior. As for residences, homeowners may receive a 15 percent state tax credit for rehabilitating non-income-producing properties. This is a ‘once over lightly’ summation of the seminar, and there will be more opportunities like this in the future. It’s a good day when I learn something new. I intend to learn more about the world of historic tax credits, so important in preservation efforts. There is room for you in all of this. Join me.