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Legislation & Public Policy Issues in Preservation     


Legislation & Public Policy Issues in Preservation
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Historic Homeownership Credit Bill Introduced in House
Historic Preservation Blog from PreservationDirectory.com - Historic Homeownership Revitalization Act of 2011, National Trust for Historic Preservation
Contributed By: National Trust's Public Policy Department and Center for State and Local Policy

Reps. Michael Turner (R-OH) and Russ Carnahan (D-MO) introduced the "Historic Homeownership Revitalization Act of 2011" (HR 2555) on July 15.  The bill would would create a 20 percent tax credit -- up to $60,000 -- for homeowners who make expenditures to rehabilitate certified historic structures (located in the National Register and is located in a registered historic district) in a way consistent with the historic character of the home and neighborhood in which the home is located. To qualify, the taxpayer would make qualified rehabilitation expenditures over a two-year period that exceed the greater of $5,000 or the taxpayer's basis in the property, and must use the home as his or her principal residence.  The credit would also be available for developers who rehabilitate homes and sell them to individuals who use them as their principal residence.  Expenditures to enlarge properties would not qualify. Currently there is no credit for homeowner rehabilitations under existing law and as the housing stock ages in historic districts across the nation, so does the average homeowner’s ability to keep up with and afford the maintenance costs associated with older dwellings.  The result can lead to middle and working income families moving out of historic neighborhoods, and the decline of housing stock that defines the character of America’s great communities.  The last census shows that over half of America’s historic districts are located in census tracts where the poverty rate exceeds 20 percent. 

Reprinted with permission from the National Trust's Public Policy Department and Center for State and Local Policy


Keywords: Historic Homeownership Revitalization Act of 2011, National Trust for Historic Preservation

Posted: July 27, 2011
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