| Historic dist. tax credits / grants |
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Jill
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Joined: 23 Feb 2004
Location: Missouri
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| Historic dist. tax credits / grants |
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I own an old building in a small town. The building is approaching 90 years old. It is zoned commercial/residental and in the historic part of downtown (although I'm not sure the downtown is declared a "historic district")
Anyway, I was wondering if anyone has experience with tax credits or grants with the renovation of an old building? What kind of a hassle is it? Is it worth the trouble? Did you have problems meeting restrictions? That sort of thing.
"If you can count your money, you don't have a billion dollars." - J. Paul Getty (1892 - 1976)
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Mon Mar 01, 2004 6:02 am |
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Andrew
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Location: Texas
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This probably isn't what you were looking for, but... We own a 1934 duplex, and have done a lot of work fixing it up. This is our residence, so I don't think it qualified for any grants, but it is nice to deduct the mortgage interest (as well as renting out the other half). It's like having a tiger by the tail sometimes with these old buildings, cause there is always something that needs to be repaired or upgraded, so I hope you are ready for the challenges (money, time, priorities, etcetera). It is a rewarding process though, have fun!
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Mon Mar 01, 2004 2:34 pm |
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Jill
Moderator
Cash: $ 0.80
Posts: 26
Joined: 23 Feb 2004
Location: Missouri
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Eventually part of this building will be our residence. (It's a two story building). My biggest problem is that we can't live in it yet to save money. So the progress goes very slow!
"If you can count your money, you don't have a billion dollars." - J. Paul Getty (1892 - 1976)
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Mon Mar 01, 2004 3:13 pm |
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