There are many financial benefits to preserving a historic building. Often, HARB can recommend resources, methods, and material choices that are more economically feasible and sensitive to your budget. Also, the HARB application process is free.

Certain properties may be eligible for tax incentives. The Rehabilitation Investment Tax Credit (RITC) was put in place by PHMC, the National Park Service, and the IRS and is a very successful, cost-effective program for rehabilitating historic properties.

In order to qualify for tax credits, the project must meet these criteria:

• The building must be listed on the National Register, either individually or as a contributing building within a National Register Historic District, or be a contributing building to a Certified Local District (a locally designated historic district that has been certified by the National Park Service).
• Building must be used for income producing purposes, for example office, retail, residential rental, bed and breakfast, and light manufacturing uses. The building must be a depreciable building and not used as a private residence.
• Rehabilitation work itself must be undertaken according to the Secretary of the Interior's Standards for Rehabilitation.
• The project must meet the "substantial rehabilitation test." This test is where the amount of money to be spent on the rehabilitation must exceed the adjusted basis of the building or $5,000, whichever is greater. Generally, projects must be finished within a 24-month period.
• After rehabilitation, the building must be owned by the same owner and operated as an income producing property for at least five years.

For more information on the Rehabilitation Investment Tax Credit (RITC) see the PHMC website.