Finding resources to preserve historic buidlings in Utah is possible through a variety of loans and grants.
Utah Heritage Foundation
Visit website: www.utahheritagefoundation.org
Utah Heritage Foundation, a non-profit statewide historic preservation advocacy organization, offers an array of real estate programs that can benefit an owner financially.
Revolving Loan Fund
To qualify, a property must be at least 50 years old and retain its architectural integrity. Approval of loan applications is based on a number of criteria, including the historic appropriateness of the proposed renovation and availability of loan funds. If a property meets all criteria, the owner would be eligible for a loan at half of the prime interest rate.
Preservation Easement Donation
Owners of National Register-listed buildings may donate easements to UHF to insure the preservation of their buildings in perpetuity and may take a charitable gift tax deduction on the federal return for the value of the donation. This value is calculated by a qualified appraiser and is generally related to the value of the development potential of the land which the building occupies. An easement is a legal agreement between a property owner and the easement holding organization and will govern the future treatment of the property to insure it will be appropriate to the historic building.
CONTACT: This e-mail address is being protected from spambots. You need JavaScript enabled to view it at (801) 533-0858
Utah State Historic Preservation Office (SHPO)
Visit website: history.utah.org
Federal Tax Credits for Commercial Properties
The Utah State Historic Preservation Office administers the federal investment tax credit program. Qualifying projects must be listed on the National Register of Historic Places within 3 years of starting the project, plan for work to be done that will meet the Secretary of the Interior's Standards for Rehabilitation, and will meet an adjusted basis formula to determine eligibility. If all criteria are met, the owner qualifies for a federal tax credit in the amount of 20% of the total rehabilitation costs on that project.
State Tax Credits for Residential Properties
The Utah State Historic Preservation Office administers state tax credit program. Qualifying projects must be listed on the National Register of Historic Places within 3 years of starting the project, plan for work to be done that will meet the Secretary of the Interior's Standards for Rehabilitation, and spend a minimum of $10,000. If all criteria are met, the owner qualifies for a state tax credit in the amount of 20% of the total rehabilitation costs on that project.
CONTACT: This e-mail address is being protected from spambots. You need JavaScript enabled to view it , Utah SHPO (801) 533-3562
State and Federal Grants
The SHPO also administers federal funding for communities with preservation programs that meet specific guidelines. There are over 80 of these communities throughout the state and they are known as Certified Local Governments (CLG). CLGs are eligible to receive a small amount of matching grant funds generally used to conduct reconnaissance and intensive-level surveys and for the preparation of National Register nominations. In a limited number of instances, funding is available for ‘bricks and mortar' projects.
National Trust for Historic Preservation
Visit website: www.nthp.org
Utah Preservation Initiatives Fund
To encourage local efforts to preserve historic places, the National Trust has established the UPIF. This fund is administered by the Mountains/Plains Office of the National Trust in Denver . Local governments and non-profit organizations that are members of the National Trust Forum program are eligible to apply for matching grants ranging from $500 to $10,000. Eligible grant activities include building reuse feasibility studies, structural investigations, educational workshops, design guidelines, and other planning needed to help save historic places in Utah.
CONTACT: Amy Cole, NTHP Utah Services Representative (303) 623-1504
Municipalities
County and City governments offer a variety of programs that provide incentives for rehabilitation and homeownership in historic neighborhoods that may provide a financial incentive.
Salt Lake City
Visit website: www.slcgov.com
Redevelopment Agency Loans and Grants
The Redevelopment Agency (RDA) offers two programs, the Building Renovation Loan Program, targeted to properties along 2100 South and 1100 East. The Building Renovation Loan Program is a matching loan program intended to encourage the continued use of older commercial buildings. The Neighborhood Business Loan Program, directed specifically to small businesses, provides up to 50% of the funds to a maximum of $75,000 necessary to renovate a neighborhood commercial building. The RDA project area includes almost all of the Sugar House Business District.
CONTACT: SLC RDA Office, (801) 535-7240
Salt Lake City Housing and Grants Management
The City's housing rehabilitation program can provide loans up to $20,000, with interest rates as low as 0%, prepare an assessment of a home's condition and value, and obtain multiple bids from licensed and qualified contractors. The interest rate of the loan is based on income eligibility.
CONTACT: SLC Housing Rehabilitation Office (801) 535-7228
Save America's Treasures
Visit webisite: www2.cr.nps.gov/treasures
For several years, the federal government through the National Park Service has offered grants on a competitive basis through the Save America's Treasures program. It is advised that before application, all projects be coordinated through at least one of the historic preservation organizations in Utah . Projects that qualify typically have national historic significance and an extreme need, as well as a means to provide a match. Projects that have received this grant in Utah include the Spring City School and Ogden Union Station.
