Latino State News
Tax Incentives for Historic Preservation
By working with building owners, Eighteenth Street Development Corp. (ESDC), is able to improve the housing stock through a variety of avenues, but especially by utilizing historic preservation tax benefits. ESDC’s goal remains to help the neighborhood to achieve prosperity and long-term, self-sufficient growth, while retaining the historic character that defines the neighborhood.
ESDC’s goal remains to help the neighborhood to achieve prosperity and long-term, self-sufficient growth, while retaining the historic character that defines the neighborhood
To help building owners capitalize on these tax benefits and improve their buildings, ESDC provides them with the tools to take advantage of the incentives provided. ESDC has developed an educational curriculum that involves informing residents of the incentives offered and providing resources to help them apply for incentives. ESDC works one-on-one with residents to navigate a complex and often overwhelming process of securing the financing and approvals necessary to restore their homes.
This assistance starts with the preparation of financial statements necessary to secure interim financing, working with local private and non-profit lenders, assistance with obtaining necessary building permits, selection of contractors, supervision of work and eventual approval by the State of Illinois for the tax benefit.