The DHPA manages several state and federal programs that can assist certain types of preservation projects. Eligibility requirements are different for each program. Here is a brief overview of the two types of financial incentives available from the DHPA.
L to R: The Landing Historic District in Fort Wayne, Allen Co.; Georgetown State Bank, Floyd Co.; a home in the Brady Street Historic District in Attica, Fountain Co.
Grant programs provide direct assistance to certain types of eligible applicants for important local preservation projects. Because grants represent public funds, they are used to assist projects that have an obvious public benefit. Grants provide a portion of the funding needed to undertake an eligible project and require some amount of local match. These programs require that assisted properties be listed in the National Register of Historic Places to receive federal assistance, or the Indiana Register of Historic Sites and Structures to receive state assistance.
For local governments, colleges and universities, and not-for-profit organizations:
Historic Preservation Fund Grant Program (HPF)
For owners of commercial properties used in for-profit and not-for-profit ventures:
Historic Renovation Grant Program (HRGP)
Tax credit programs are incentives to encourage private entities to rehabilitate their historic properties. Ordinarily, these properties are used for income-producing purposes; however, certain owner-occupied historic homes may also be eligible. Tax credits do not provide funding to assist with the costs of a rehabilitation project. Instead, they provide an offset of income taxes owed afterwards, and can be carried forward for a certain number of years until the credits are used up or the claim period runs out.
For owners of commercial properties used in for-profit ventures:
Rehabilitation Investment Tax Credit (RITC)
For owners of historic homes used as their principal residence:
Residential Historic Rehabilitation Tax Credit (RHRTC)