The Ninth Street shopping area is also part of the National Register Historic District. For these income-producing properties, an increase from 5% to 20% in the existing state tax credit for rehabilitations of income-producing historic properties that also qualify for the 20% federal investment tax credit. In effect, the combined federal-state credits reduce the cost of a certified rehabilitation of an income-producing historic structure by 40%. Revolving Fund for Old Houses
The Historic Preservation Society of Durham's Revolving Fund will allow
HPSD to purchase threatened historic properties, add protective covenants
to the deeds, then resell the houses to buyers dedicated to historic
preservation. The proceeds from sales would subsequently be invested
in other properties. |
The
National Register of Historic Places is the nation's official list of
cultural resources worthy of preservation. And Old West Durham's on
the list. National Register properties are distinguished by having been documented
and evaluated according to uniform standards. These criteria recognize
the accomplishments of all peoples who have contributed to the history
and heritage of the United States and are designed to help state and
local governments identify important historic properties worthy of preservation
and of consideration in planning and development decisions.
About 90 acres of Old West Durham are in the national historic district
(mostly around the site of the old mills and the surrounding mill houses).
Hillsborough Road goes through the heart of the district. There are
a number of reasons why historic district status benefits Old West Durham.
First any Federal or State expenditures in the district must meet stiffer
requirements. For instance, if NCDOT wanted to widen Hillsborough Road,
they'd face more obstacles than they would elsewhere.
Second, according to NC Historic Preservation, real estate values rise
for homes in national historic districts. People looking to buy houses
are especially attracted to locations in historic districts. And now,
the new tax credits make them even more attractive.
Third, homes located in Old West Durham's National Register Historic
District qualify for "Historic Preservation State Tax Credits."
The 1998 law was established for new state tax credits that make rehabilitations
of historic buildings more attractive than ever. The new law provides
for a state tax credit of 30% for qualifying rehabilitations of nonincome-producing
historic structures, including owner-occupied personal residences. The
rehabilitation of the historic structure must be substantial. For nonincome-producing
properties, the rehabilitation expense must exceed $25,000 within a
24 month period.
The credits cannot be claimed against the cost of acquisition, new
additions, site work, or personal property. Only costs incurred in work
upon or within a historic structure will qualify. Rehabilitation work
on nonincome-producing historic structures must be approved by the State
Historic Preservation Office prior to the commencement of the work to
qualify. If you have any questions about your home in Old West Durham,
call Tim Simmons at the N.C. Division of Archives and History at 733-6547.
Sources (and for more information):
New Historic Preservation
State Tax Credits National Register of Historic
Places
West Durham' trolley stops on tracks next to wooden church
in Old West Durham. Driver and conductor stand near front, while passengers
remain seated. (ca. 1930) |
