It's a new Phoebus:National Register facts

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National Register facts.

1. Increases public awareness of a community's historic resources and encourages preservation.

National Register designation officially recognizes the cultural, architectural, and landscape features of a historically significant area, bringing them to the attention of the community, state, and nation. Ideally, listing furthers the community efforts to preserve the areas historic and natural features.

2. Does not restrict the private property owner using private funds in any way.

National Register historic district designation does not restrict an owner's use of this or her property in any way as long as private, non-federal funds are used. It does not, for example, prohibit any owner from altering or demolishing any buildings, nor does it restrict subdivision or sale.

3. Mitigates the negative impact of government-funded projects.

National Register designation can help lessen the negative impact on a historic area from government funded projects. By law, an environmental impact study is required for any federally funded projects - such as road building, utility installation, and public housing. Also, certain state projects are reviewed for their impact on historic resources. If any project is deemed to have an adverse effect on historic buildings, archaeological sites, or landscape features within a historic district, the project may be redesigned to lessen that effect.

4. Provides financial benefits, mainly in the form of tax incentives.

National Register designation confers two types of financial benefits on historic district property owners. First, it allows the owner of a contributing building within the registered district to claim investment tax credits for certified rehabilitations. The rehabilitation tax credits are dollar-far-dollar reductions in income tax liability for taxpayers who rehabilitate historic buildings. Additionally, National Register designation makes properties eligible for matching federal grants for historic preservation when available. Currently, federal funds are not available for preservation projects.

This information is provided by the Virginia Department of Historic Resources. For additional information on the investment tax credit program, contact:

Virginia Department of Historic Resources
2801 Kensington Avenue
Richmond, Virginia 23221

804.367.2323