New tax credit for historic, blighted properties takes effect

A recently enacted state law is making it easier than ever for property owners to earn tax credits for rehabilitating historic or blighted properties, says the Foundation for Historical Louisiana, which is reaching out to those who may qualify for the new program. Enacted during the 2011 legislative session, a new law makes historic preservation tax credits more accessible by extending the program until 2016, lowering the minimum rehabilitation costs to qualify from $20,000 to $10,000, awarding tax credit regardless of income and raising the credit for blighted homes over 50 years old. “This is good news for Baton Rouge and the state of Louisiana,” says Doug Cochran, Foundation for Historical Louisiana board chairman. “Once homeowners and businesses are aware of this program, we believe it will accelerate investments, create more construction jobs and help stimulate the economy, while rehabilitating historic properties.” FHL aims to provide homeowners, business owners and developers with more information about these new opportunities, which also apply to historical commercial buildings. It is hosting two workshops at FHL headquarters in the Old Governor’s Mansion. The first was held last month; a second session for Realtors, developers and businesses will be held Thursday at noon. The workshop is free for FHL members and $10 for non-members. Alison Saunders and Jessica Richardson with the Louisiana Division of Historic Preservation will lead the hour-long workshop. For more information on tax credit–eligible properties, tax credits for residential properties, the application process or the workshop, contact Erin Brush at 387-2464 or email her here. Read the rest of this week’s Real Estate Weekly newsletter here.