The Illinois Department of Natural Resources last month announced the third round of recipients of the Illinois Historic Preservation Tax Credit Program, a statewide historic preservation incentive that encourages private investment in historic properties across Illinois.
The state tax credit program gives priority to buildings that are in low-income census tracts, federally declared disaster areas, and counties that border a state with a competitive statewide historic tax credit. DNR Deputy Director Rachel Torbert says Bloomington High School was among three recipients this round.
Buildings that were once owned by a governmental entity and whose development partnership includes a Community Development Entity, a low-profit organization, or a not-for-profit organization also are given priority for an allocation. According to Torbert, one of the benefits of the program is projects have and will continue to create local construction jobs to help restart the state’s economy.
Torbert notes the return on investment is almost 100-percent, sometimes more. She says it is a great way to bring old buildings back onto the tax-roll for the State of Illinois. She points out it is also a win for the local community.
The Illinois Historic Preservation Tax Credit Program, administered by the IDNR State Historic Preservation Office, is available to owners of historic structures who undertake certified rehabilitations making them eligible for a tax credit of 25 percent of their qualified rehabilitation costs up to $3 million per project. Credits are limited to a total of $15 million in allocations per year, with a total of $75 million in tax credits available over the five years that the program is to be in effect.
During this first round of the second year of the Illinois Historic Preservation Tax Credit Program, complete applications received represented 16 historic properties in nine different communities across the state. The total private reinvestment of all project applications is estimated to exceed $290 million. The total amount of credits requested was approximately $29.3 million, and $7.5 million of credits were able to be allocated. The rehabilitation tax credits are awarded only after a substantial private investment has been made in local communities.
For more information on the Illinois Historic Preservation Tax Credit Program, contact Carol Dyson, 217-524-0276, firstname.lastname@example.org with the IDNR Illinois State Historic Preservation Office.