|Exterior rehab of Honan Block 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. Programs include tax incentives, preservation easements, and low-interest loans. Also, preservation architects on the Commission staff help owners to plan their projects and make sure that the work meets preservation standards.
The State Historic Tax Credit Program (for commercial properties) was reopened on July 3, 2013. (2/5/19 update) The State Historic Tax Credit program is scheduled to sunset on June 30, 2019. In previous years the RI General Assembly has extended the sunset provision for a period of one year, which may happen again. The RI Division of Taxation is still accepting applications for being assigned a place in the queue for tax credit allocations. However, tax credit funds are limited at this time.
Federal Tax Credits (for commercial properties) are available to property owners who 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.
As of June 1, 2011, the Homeowner Tax Credit has been suspended and is no longer available to new applicants or to taxpayers who have outstanding credits.