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Owners of historic rental housing and commercial properties
may be eligible for an income tax credit when they rehabilitate
their historic property. By spending money on an approved
rehabilitation, owners can receive a one time credit against
federal income taxes owed which is equal to 20% of the cost
of the rehabilitation. Affordable multi-family housing projects
can combine historic tax credits with low income housing tax
credits.
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Which properties are eligible?
Income producing properties including all commercial and
industrial building types; rental housing as small as 2 units and larger that also
- are either listed individually on the National Register of Historic Places, or contribute to the
significance of a designated National Register or local historic district in Chicago or Illinois, or
elsewhere throughout the United States.
- spend 25% of the adjusted basis of the property on the rehabilitation (roughly the current
depreciated value).
- meet historic design guidelines for the program as outlined in the Secretary of the Interior
Standards for Rehabilitation.
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