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Grants & Tax

Incentives

Information from the Historic Preservation Division, Landmarks Illinois, City of Chicago, CDFI Fund, US Department of Housing, and the National Trust for Historic Preservation.

Tax Incentives

Tax Incentives by IL SHPO
- 20% federal rehabilitation income tax credit for rehabilitating historic, income-producing properties.
  - Requirements - https://www2.illinois.gov/dnrhistoric/Preserve/Pages/taxcredits.aspx
- 25% state rehabilitation income tax credit for rehabilitating historic, income-producing properties in River Edge Redevelopment Zones (only Aurora, East St. Louis, Elgin, Peoria, and Rockford).
  - https://www2.illinois.gov/dnrhistoric/Preserve/Pages/IHPA-TPC.aspx
- Property Tax Assessment Freeze program for historic, owner-occupied residences.
  - https://www2.illinois.gov/dnrhistoric/Preserve/Pages/taxfreeze.aspx

If you own a historic home or are looking to purchase a historic home, there are Grants and Tax Incentives that you can apply for to help restore or maintain your home.

- 25% state rehabilitation income tax credit for rehabilitating historic, income-producing properties.
  - https://www2.illinois.gov/dnrhistoric/Preserve/Pages/statecredit.aspx
Financial Incentives Administered by Others
Income Tax Credits
- Affordable Housing Income Tax Credits
  - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx
- 10% Rehabilitation Income Tax Credit for Non-Historic Buildings Built before 1936
  - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx
- 50% Disabled Access Income Tax Credit
  - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx
- New Markets Income Tax Credit
  - https://www.cdfifund.gov/programs-training/Programs/new-markets-tax-credit/Pages/default.aspx
- Cook County "L" Property Tax Incentives
  - http://www.cityofchicago.org/city/en/depts/dcd/provdrs/hist/svcs/class_l_propertytaxincentive.html
- Preservation Easements
  - http://www.landmarks.org/preservation-programs/preservation-easements/
  - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx
- Architectural and Transportation Barrier Removal Income Tax Deduction
  - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx

Local Incentives

"Local incentives are designed by individual communities to encourage specific renovation programs. Grants and low-interest loans can be funded from special taxes or economic development districts, such as Tax Increment Financing (TIF) districts and Special Service Areas (SSA)." For More Information - https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx

Low-Interest Loans

203(k) Rehabilitation Loan Program
- https://www.hud.gov/program_offices/housing/sfh/203k/203k--df
- https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx

Grants

Landmarks Illinois Grant Program
- https://www2.illinois.gov/dnrhistoric/preserve/pages/funding.aspx
National Trust for Historic Preservation Grant Program
- https://savingplaces.org/grants#.X4G14WhKhyy