Benefits of Preservation
There are many benefits to owning an individually designated landmark or a property located within a historic district. In addition to enjoying the historic and architectural character of your property, you may be eligible for substantial federal, state, and local financial incentives that are available for the rehabilitation of historic properties, as well as additional local benefits.
Federal Financial Incentives
20% Tax Credit: Available for the rehabilitation of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.” Work must meet the Secretary of the Interior’s Standards for Rehabilitation.
10% Tax Credit: Available for the substantial rehabilitation of non-historic, non-residential buildings that are not listed on the National Register but were built before 1936
Tax Benefits for Historic Preservation Easements: A historic property owner who donates an easement may be eligible for tax benefits, such as a Federal income tax deduction.
State Financial Incentives
Minnesota Historic Structure Rehabilitation 20% State Tax Credit: For qualified historic rehabilitations of income-producing properties. This state tax credit parallels the existing federal rehabilitation tax credit. The property must be a “certified historic structure” and must apply through the State Historic Preservation Office. Work must meet the Secretary of the Interior’s Standards for Rehabilitation.
Minnesota Historical and Cultural Heritage Grants: Nonprofit 501(c)(3) organizations, government units, tribes, and educational organizations and institutions are eligible to apply for various levels of grant funding to assist with history or historic preservation projects.
Local Preservation Incentives
Recognition: All landmarks and historic districts are recognized and displayed in an informative research database on the City’s website.
Potential Variances: Landmarks and buildings within historic districts may apply for variances from requirements of the zoning code that are not authorized otherwise.
Staff Assistance: CPED staff is available and happy to assist applicants through the development review and building permit process. Staff can also assist you with locating documents related to applications or with research questions.
City of Minneapolis Façade Improvement Matching Grants: Through CPED’s Business Assistance division, the Façade Improvement Matching Grant Program works to revitalize and sustain the economic vitality of the city’s commercial districts through public/private investments in façade projects for commercial properties. Grant dollars can pay for many exterior façade improvements. The City’s façade program helps guide façade projects toward architecturally and historically sensitive improvements that are attractive and functional, helping create a coordinated streetscape. Properties do not have to be historically designated, but are required to be commercial buildings located within specific eligible business districts.
Last updated Sep 4, 2015