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Rehabilitation Tax Credit Application Process “Getting it Right”

Rehabilitation Tax Credit Application Process “Getting it Right”. Kathleen S. Kilpatrick Virginia State Historic Preservation Officer. November 7, 2007. Established 1977 Over 34,000 projects certified nationally since 1977 More than $4 billion invested in FY’06

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Rehabilitation Tax Credit Application Process “Getting it Right”

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  1. Rehabilitation Tax CreditApplication Process“Getting it Right” Kathleen S. Kilpatrick Virginia State Historic Preservation Officer November 7, 2007

  2. Established 1977 Over 34,000 projects certified nationally since 1977 More than $4 billion invested in FY’06 1,253 projects approved in FY’06 Federal Program

  3. Virginia Program • Established in 1997 • Modeled on Federal Program • NPS FY’06: Virginia ranks #2 for projects certified = $172 million invested • $1.4 billion invested since 1997 • Over 1,200 state projects certified Before After Atlantic Motor Company, Richmond

  4. Benefits of Program • Historic Preservation • Economic Development • Urban Revitalization • Environmentally Sound • Social Cohesion

  5. Part 1: Evaluation of Significance

  6. Part 1 • Establishes that property can participate in program: • Individually listed in National Register of Historic Places (NR) Reynolds Metals International Headquarters, Richmond

  7. Part 1 • Establishes that property can participate in program: • Contributing resource within Historic District listed in NR

  8. Basic Property Information: Address NR Status Project Contact Ownership Physical Description (Pg. 2) Why is it significant? (Pg. 2) Part 1

  9. Property evaluated as it currently exists: Include general photos of property Include map of property, and location in Historic District Part 1 Seidenburg & Company, Petersburg

  10. Things to remember: • Part 1 must be submitted before project is completed • May receive preliminary certification, but property must be listed within 30 months • If multiple resources, address them all • 5 year “shelf life” for an application

  11. Part 2:Description of Rehabilitation

  12. Basic property information Project contact and ownership Data on rehabilitation Square footage before/after project Proposed use Project start date Phases Part 2

  13. Insert Part 2 page 2 Description of existing conditions Include comprehensive set of photos, esp. deteriorated elements Part 2

  14. Insert Part 2 page 2 Description of proposed work Detail all changes Include drawings of existing and proposed floorplans Product specifications Part 2 Existing Proposed

  15. Things to remember: • Submit Part 2 prior to beginning work, if possible • Phased project must be proposed up front • All work must be consistent with the Standards for Rehabilitation • Consult NPS guidance documents • All work on property must be reviewed

  16. Used for: Additional information Change in scope of work Respond to conditions established by SHPO and NPS Amendment

  17. Part 3:Request for Certification of Completed Work

  18. Property information Project start date Rehabilitation completion date Estimated rehabilitation expenditure Costs associated with new construction, site work Part 3

  19. Original signature Correct information Ownership Taxpayer ID Number Comprehensive set of photos of completed project Part 3

  20. Tips for a Successful Application • Build the best professional team • Become familiar with Standards for Rehabilitation • Do your homework – will the project respect the historic character and spaces? • Consult with NPS/SHPO early and often • Follow progress carefully – make sure things going as proposed • Accurate, thorough applications will be easier for NPS/SHPO to review Leads to . . .

  21. A Peaceable Kingdom

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