January 02, 2006
Grants, Loans & Tax Credits
I've been told by a couple people that some kind of low interest rate "remodeling funding" is available...especially if one is remodelling an older home and keeping the period touches. Do you have any info on this subject?
A large number of financial incentives - including loans, grants, and tax incentives - are available to historic home and building owners in Los Angeles. Depending on your project, many of these can be combined together to make historic preservation projects economically feasible to even the most discriminating property owner or investors.
The National Trust for Historic Preservation offers loan financing to a variety of historic preservation projects, and there are a number of low-income housing loan programs available from HUD through the Los Angeles Housing Department that can be applied to historic preservation projects. The Mills Act program, the Federal Historic Preservation Tax Incentive program, and Preservation Easements from such organizations as the Los Angeles Conservancy and Pasadena Heritage are other possibilities.
The Getty Trust published a guidebook to all of these programs in 2004. The Los Angeles Conservancy and several other organizations have also compiled lists of available programs. The following are links to these lists, as well as additional information about specific incentive programs that may be of interest:
National Trust for Historic Preservation Financial Assistance Programs
Incentives for Preserving Historic Buildings by the Los Angeles Conservancy
Federal Historic Preservation Tax Incentives Program
City of Los Angeles Adaptive Reuse Ordinance
California Heritage Fund Grant Program (Prop 40)
Los Angeles Housing Department
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