HRSR INFORMATION 11-01-2010.1-~ver
MEMORANDUM
TO: Housing & Redevelopment Authority
FROM: Catherine Mehelich, Director of Economic Development
DATE: November I, 2010
SUBJECT: INFORMATION - MN Historic Structure Rehab Tax Credit
Attachment
* Brochure - MN Historic Structure Rehabilitation Tax Credit
Attached is a brochure highlighting the new MN Rehab Tax Credit for historic structures
which was adopted into law Apri12010. Similar information has been provided to the City's
Heritage Preservation Commission. Please let staff know if the HRA is interested in holding
a joint meeting with the HPC to learn more about this new program which may be beneficial
to stimulate revitalization of certain properties in downtown Elk River.
When does the tax credit start?
• Credit is available for projects in
taxable years after December 31,
2009
• Projects with rehabilitation costs
paid under contracts entered into
after May 1, 2010 are eligible to
apply for the credit
• Developers must apply for credits
before construction work begins
• The MN Historic Structure Rehabili-
tation Tax Credit is set to expire
after fiscal year 201 5 unless it is
reauthorized
For more information
Minnesota buildings listed on the
National Register of Historic Places:
http://www.nrhp.mnhs.org
Federal Tax Incentives: www.nps.gov/
history/hps/tsp/tax
Technical information on
rehabilitation:
www.nps.gov/history/hps/tps
The Secretary of the Interior's
Standards:
www.nps.gov/history/hps/tsp/
standards_guidelines
State Historic Preservation Office
345 Kellogg Blvd. W.
Saint Paul, MN .5 5 1 02-1 906
Phone: 651.259.3450
Fax: 651.282.2374
For questions about project eligibility,
architectural review, or the application
process contact:
Natascha Wiener, Historical Architect
651.259.3462
natascha.wienerC~mnhs.org
Linda Pate, Preservation Specialist
Technical Services
651.259.3468
Iinda.pateC~mnhs.orq
Applicants are strongly encouraged to seek
the advice of a qualified tax advisor with
questions concerning specific tax conse-
quences before proceeding with any tax
credit rehabilitation project.
~~~ historic Structure
habillitation Tax Credit
New Tool for Job Creation
and Historic Rehabilitation
l~ Minnesota
l~ Historical Societ
Y
State Historic Preservation Office
More Than
Nati~na!!y, mare than: one in seven mortgages
a~entt being ~a~cl. !f yc~u er sc~me4ne ~c~u knew is
struggling with an unaffordable mortgage, und~rstar~d that
you're not alone, Unfortunately, mast homeowners facing
fdreclosure ~rc~ceed without know'rnc~ a![ of the options.
FREE Community Foreclosure Forum
Date: Saturday November 20th
Time: gam to 11am
Location: Elk River YMCA, 13337 Business center Drive NW, Elk River
Topics Include:
Local Foreclosure Statistics
City Foreclosure Strategies
Free Foreclosure Avoidance Programs
Life After Foreclosure
. Avoid Foreclosure Scams
. Investment opportunities
And Much More....
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