What is an historic preservation tax credit and how does it help finance the rehabilitation of historic buildings?
The Historic Preservation Tax Credit is sold by developers to investors in a similar way as the low-income housing tax credit, but similarities end there. In order to qualify for the credit, buildings must be National Historic Landmarks listed in the National Register and contribute to National Register Historic Districts and certain local historic districts. Properties must be income-producing and must be rehabilitated according to standards set by the Secretary of the Interior.
