Here’s a brief overview of the financial benefits that are available to property owners in Old Town.
Design Assistance Program
For anyone that owns a property in Old Town.
Up to $2000/year available on a first come, first served basis. Can be used yearly.
Up to $2000 towards general design assistance to help property owners minimize the impacts of additions, alterations, and new construction on neighbors and on the overall historic character of Fort Collins. This should be enough money to get a few ideas from a local architect about ways to sensitively make changes to your house without negatively affecting neighborhood character.
Find out more at: https://www.fcgov.com/historicpreservation/design-assistance.php
Landmark Rehabilitation 0% Interest Loans
For anyone that owns a locally landmarked property, whether it’s been landmarked on its own or within a historic district.
Up to $7500/year available on a first come, first served basis. Can be used yearly. Must be matched by the home owner. Loan is repaid upon sale of the property.
The goal of the Fort Collins’s zero interest loan program is to enable homeowners to keep their historic homes well maintained. The program covers such things as the repair of windows, repointing of brick, structural improvements to the foundation, replacement of rotting wood, etc.
Find out more at: https://www.fcgov.com/historicpreservation/landmark-rehabilitation.php
20% State Income Tax Credit
For anyone that owns a landmarked property, whether it’s been landmarked on its own or within a historic district, that is doing a substantial project ($5000 or more).
Property owners can get up to $50,000 back in a dollar for dollar credit over ten years.
The projects are reviewed according to the Secretary of the Interior’s Standards for Rehabilitation. These were designed by the National Park Service to help people to renovate their homes in a historically sensitive manner. You do not need to “restore” your building in order to claim the tax credit, but you must preserve existing historic features whenever possible. The general rule is to talk to the State preservation folks early and often to ensure meeting their criteria for this credit.
Find out more at: https://www.historycolorado.org/preservation-tax-credit-fact-sheet
More articles on the financial advantages to owning a historic landmark:
“The greenest building is the one that is already built.” -Carl Elefante, architect.The Greenest Building, a 60-minute documentary, will be shown on Wed. May 29th at 7pm at the Masonic Lodge at 225 W Oak Street. It is sponsored by the Protect Our Old Town Homes group...read more
There are a number of city and state incentives for residential historic rehabilitation. These are the ones with which I have personal experience.read more
Our house was built in 1905. The Shenks bought it around 1950. I bought I bought it from David Shenk in 1987. While the house was on the market, the owner had the roof replaced, using cedar shingles, as the house originally had. With very minor exceptions, the house...read more
Forming a historic district in the Loomis Addition could enable as many as 74 property owners to take advantage of financial benefits that they otherwise wouldn’t qualify for.read more
In 2013, City Council approved the creation of the Whitcomb Street Historic District. Once the district was formed, property owners were able to take advantage of significant financial incentives from the State. The following is one family's story. Our house was built...read more
There are numerous benefits to owning property in a historic district, but probably the most popular is the substantial financial benefits that are available to the owners of properties that have been determined to "contribute" to the district. There are one-for-one...read more
Investment properties used as rentals are considered by the Federal government to be commercial properties rather than residential. That means that in addition to receiving the 25% dollar-for-dollar tax credit off your Colorado income taxes, you can also receive an...read more