Certified Historic Structure


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Certified Historic Structure

For the purposes of the federal preservation tax incentive, any structure subject to depreciation as defined by the U.S. Internal Revenue Code that is listed individually in the National register of Historic Places, or located in a registered historic district and certified by the Secretary of the Interior as being of historical significance to the district. A structure that the U.S. National Park Service has determined is eligible to obtain a Certificate of Significance.
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A conservation purpose must be protected in perpetuity and can include the preservation of a historically important land area or a certified historic structure (section 170(h)(4)(A)(iv)).
A building must be a certified historic structure listed in the state's register or the National Register individually, or as a building that stands in a designated local historic district;
Atlanta represents one of the fastest-growing regions in the country and the Downtown Atlanta Residence Inn is located in the old Rhodes-Haverty Building, a certified historic structure and within one block from the downtown Ritz-Carlton Hotel on Peachtree Street.
For a certified historic structure or a non-historic, non-residential building constructed prior to 1936 that is undergoing a substantial rehabilitation, the developer may be entitled to receive historic rehabilitation tax credits from the federal government representing up to 20 percent of rehabilitation costs.
Owners of small historic tax credit projects are typically unable to utilize the 20% federal rehabilitation tax credit, which equals 20% of the amount spent on a certified rehabilitation of a certified historic structure.
When conveying a historic preservation conservation easement to Preservation Easement Trust, the donation process can be divided into five steps: submit conservation easement application form; obtain certified historic structure designation; subordinate mortgages; perform real estate appraisal; and convey conservation easement.
As a disincentive to demolition, it allows the owner of a historic building to receive an income tax credit of 20 percent of the amount spent to rehabilitate a certified historic structure.
There are also significant benefits associated with upgrades to pre-1936 structures, Certified Historic Structures, or buildings located in a Registered Historic District that are "substantially rehabilitated.
A federal rehabilitation investment tax credit of 10% is available for non-historic properties constructed before 1936 and a federal rehabilitation investment tax credit of 20% is available for certified historic structures.
The major benefit of this act is to provide a tax credit of 10% of rehabilitation costs for buildings put into service before 1936, and a 20% tax credit for buildings that are certified historic structures regardless of age.
Under current law, rehabilitation tax credits are available both for nonresidential buildings originally placed in service before 1936 and for Certified Historic Structures (CHSs).
The borrower received tax credits through a program for qualified rehabilitation costs associated with certified historic structures.

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