Tax Credits & Loans: Overview

Honan Block: before...

...and after

<<Exterior rehab completed under Woonsocket's Main Street Facade Restoration Program with partial funding from a Federal Income Tax Credit. The deteriorated cast iron facade was cleaned and restored, new matching wood windows were installed, and a fresh paint scheme applied.

The Rhode Island Historical Preservation & Heritage Commission administers programs to help owners meet the costs of maintaining their historic properties. Among the mechanisms that the Commission uses are tax incentives, preservation easements, and low-interest loans. In addition to these financial incentives, restoration architects on the Commission staff help owners to plan their projects and make sure that the work meets preservation standards.

The most widely-used programs administered by the Commission are the Homeowner Tax Credit and Commercial Tax Credits. Property owners can earn significant income tax credits when they rehabilitate their properties according to preservation guidelines.

The Historic Preservation Loan Program provides low-interest loans to public, non-profit, or private owners. Loan money may be used for needed restoration work, or for acquiring and rehabilitating an endangered historic property.

The Commission also operates a Preservation Easement program which protects a historic property from destruction by future owners and may qualify the current property owner for tax benefits.