Money to support historic preservation is available in the form of low-cost loans, tax incentives and grants. This aid can come from federal, state or local government and from private organizations. Eligibility and application requirements vary according to the goals of each program.
Bear in mind that most grant programs apply to public agencies and non-profit groups. Very little direct grant money is available for private owners of historic properties.
A list of financial incentives for historic preservation is available
Owners of historic homes and buildings can sometimes obtain government assistance with preservation costs. Programs administered by the Illinois Historic Preservation Agency include:
- 20 percent federal tax credits for rehabilitation of historic, income-producing properties
- A freeze on property taxes for owner-occupied historic residences.
- State income tax credits for rehabilitation of historic, income-producing properties in River Edge Redevelopment Zones (Aurora, East St. Louis, Elgin, Peoria, or Rockford).
Historic properties in Illinois received more than $2.3 billion dollars in reinvestment from 2000 to today through the federal rehabilitation tax incentives. In 2011, Illinois was first in the nation with more than $365 million in certified rehabilitation expenditures. This investment created more than 37,000 jobs.
The U.S. Internal Revenue Service also provides a 10% tax credit. download form 3468 and instructions.