Benefits of Historic Preservation

Print
Press Enter to show all options, press Tab go to next option

Property owners who volunteer to place their property on the Loveland Historic Register open up a world of benefits. As a Certified Local Government (CLG), Loveland's historic landmark properties are eligible for an allocated pool of federal grants and participation in the State and/or Federal tax credit programs. The Historic Preservation Commission also provides design review assistance for owners wishing to make changes or additions to their historic property. Additionally, the Commission presents owners with a Historic Loveland Landmark plaque, generously donated by Home Depot, during the May is Historic Preservation Month Proclomation by City Council.

Other economic benefits available to property owners on the Loveland Historic Register are outlined below:

Loveland Historic Building Permit Fee Waiver

Properties on the Loveland Historic Register are eligible for a waiver of their building permit fees for exterior restoration, preservation, or rehabilitation. Property owners must have an approved Landmark Alteration Certificate before a fee waiver and building permit is issued. Please be sure to check the appropriate box on the submittal checklist in the Landmark Alteration Certificate Application. (Please see the Historic Preservation Building Permit Fee Waiver Policies for more information)

Colorado State Historical Fund
The State Historical Fund assists in a wide variety of preservation projects including restoration and rehabilitation of historic buildings, architectural assessments, archaeological excavations, designation and interpretation of historic places, preservation planning studies, and education and training programs. Grants vary in size, from a few hundred dollars to amounts in excess of $100,000. Grants and Financial Incentives.

Historic Preservation Income Tax Credits
Following is a table that gives an overview of the three tax credit programs. Additional Information about Tax Credits can be found in the following links:

  • Historic Tax Credit FAQs
  • Income Tax Credit Fact Sheet  

         Federal 20%  Federal 10% State 20%  
      Building must be:

      Listed individually in the National Register; OR considered eligible for listing; OR a contributing building in a historic district listed in the National Register

      Built before 1936; not individually eligible for listing in the National Register; AND not contributing to a historic district

      More than 50 years old; listed in the State Register OR landmarked by a Certified Local Government (CLG)

      Eligible buildings: Income-producing properties, including commercial, industrial, agricultural, or rental residential Income-producing (non-residential) All buildings meeting the requirements listed above
      Minimum costs of rehabilitation: More than $5,000 OR the adjusted basis of the property, whichever is greater More than $5,000 OR the adjusted basis of the property, whichever is greater More than $5,000
      Maximum credit: Unlimited Unlimited $50,000
      Time limit: 24 months; if in phases, 60 months total N/A 24 months
      Credits can be carried forward: 20 years (also back one year) 20 years (also back one year) 10 years
      Rehabilitation requirements: Must follow the Secretary of the Interior’s Standards for Rehabilitation
      50-75% of the building’s walls must remain Must follow the Secretary of the Interior’s Standards for Rehabilitation
      Fees: $250 for Part 2; $500-2,500 for Part 3 (depending on rehabilitation costs) None $250 for Part 1 (may be waived in some cases); $250-750 for Part 2 (depending on rehab costs)
      Reviewed by: SHPO and NPS; IRS IRS CLG or SHPO; State Dept. of Revenue
      Credits claimed: The year in which the building is placed in service; for phased projects & buildings open during work, the year substantial rehabilitation test is met The year in which the building is placed in service; if building is open during work, the year substantial rehabilitation test is met The year work is completed; official verification (Part 2) is needed
      Process: Part 1 determination of eligibility (if needed)
      Part 2 reviewed; Part 3 reviewed; Project certified
      File IRS Form 3468
      Part 1 determination of non-eligibility (if needed)
      Project approved
      File IRS Form 3468
      Part 1 reviewed by CLG or SHPO;Part 2 reviewed (and project certified) by CLG or SHPO
      *No application needed if also claiming 20% federal credit