Financial Incentives for Historic Properties
The City of Fort Collins has assembled an array of public/private incentives to make the preservation, stabilization and/or adaptive reuse of historic buildings and structures economically feasible. These benefits are available for properties that are officially recognized as Fort Collins Landmarks, or are listed on the State Register of Historic Properties or National Register of Historic Places. The benefits continue with the sale of the property, so future owners may also take advantage of them.
Designation of a property does not mean that it cannot be renovated or added onto, as long as the work is compatible. To ensure that a designated property’s historic character is retained, work is reviewed using the national Secretary of the interior’s standards, http://www.nps.gov/tps/standards.htm. Generally, additions are quickly approved when they are subordinate to the main building, located at or near the rear, and utilize similar materials and design elements. If you have any questions about compatibility, staff and the City’s Landmark Preservation Commission are always available to help.
Residential Property Incentives
The Colorado State Tax Credits for Preservation:
Owners or long-term tenants receive back 20% of all approved costs, in the form of a state income tax credit. The credits are designed to encourage the renovation and re-use of older buildings and applies for work on both the interior and exterior of all designated buildings and structures, including outbuildings. The credit directly (dollar-to-dollar) reduces income taxes owed to the state, and any unused credit may be carried forward for up to ten years. There are no application deadlines. More information and application can be found here!
Fort Collins’ Landmark Rehabilitation Zero % Interest Loan Program:
Provides matching funds of up to $7,500 each year, for approved exterior work. The no-interest loan amounts are paid back only when the property is sold. This program has an application deadline of mid-January each year. The loan program is competitive, so actual funding will depend upon the quantity and quality of applications received that round. For Fort Collins Landmark properties only. The application can be found here.
Design Assistance Program:
Pays for up to $2,000 each year, for the design of alterations, additions, or new construction located in the Eastside and Westside Neighborhoods (roughly, north of Prospect, and between Taft and Lemay). The owner selects from the Design Assistance Program Consultant’s Master List, and the design must meet the requirements of the city’s building codes. There are three main criteria for eligibility for assistance, 1) the applicant must be the owner the property. 2) the proposed work must impact a building’s exterior, particularly those elevations visible from public streets. 3) the property’s location must be within/adjacent to two defined areas or a designated historic landmark. The application can be found here.
Free Professions Advice:
Complimentary, no-obligation consultations may be arranged with architects, preservation contractors or structural engineers, to provide property owners with expert advice on design and construction issues affecting their historic building.
Free Assistance Preparing Applications for the Financial Incentives:
Preservation staff is available to provide whatever assistance is needed in preparing applications for the various financial programs.
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