Federal Tax Credits for the Redevelopment of Older Buildings

The Federal Government provides 10% to 20% tax credits to help rehabilitate buildings built before 1936. The National Park Service has administered the program in partnership with the Internal Revenue Service and with State Historic Preservation Officers.

The tax incentives have spurred the rehabilitation of historic structures of every period, size, style and type. They have been instrumental in preserving the historic places that give cities, towns and rural areas their special character. The tax incentives for preservation attract new private investment to the historic cores of cities and towns. They also generate jobs, enhance property values, and augment revenues for State and local governments through increased property, business and income taxes.

The Preservation Tax Incentives also help create moderate and low-income housing in historic buildings. Through this program, abandoned or under used schools, warehouses, factories, churches, retail stores, apartments, hotels, houses, and offices throughout the country have been restored to life in a manner that maintains their historic character.

Current tax incentives for preservation, established by the Tax Reform Act of 1986 (PL 99-514; Internal Revenue Code Section 47 [formerly Section 48(g)]) include:
20% tax credit for the certified rehabilitation of certified historic structures.
a 10% tax credit for the rehabilitation of non-historic, non-residential buildings built before 1936.

For both credits, the rehabilitation must be a substantial one and must involve a depreciable building. You can read more about them at:

http://www.nps.gov/history/hps/tps/tax/brochure1.htm#intro


Great opportunities for a first time home buyer

The City of Peoria, the State of Illinois, and the Federal Government have numerous programs to help people buy their first home. Depending on your income and the location of the home, you could be eligible for downpayment assistance of up to $10,000, a Federal tax credit of $7,500, a low interest loan, and funds to help you rehabilitate an older home. SUCH A DEAL !!!

Up to $7,500 Federal tax credit for qualified first-time homebuyers. Act soon. If you're looking for a new home, there's reason to act now! Congress has just approveda tax credit to help first-time homebuyers (or those who have not owned a home within the past three years). Click here to learn more. The credit is a federal tax credit subject to qualifications, conditions and restrictions and repayment of the tax credit is required. The credit is only available for a limited time. Details are set forth in PL 110-289 and general information is available at

http://www.federalhousingtaxcredit.com/
__________________________________

City of Peoria programs to help home buyers are shown on the links below:

http://spreadsheets.google.com/pub?key=pSt1ivzaCLuN5M0iZgBtABg

http://www.ci.peoria.il.us/index.php?

module=resourcesmodule&action=view&id=2860