A wide range of incentives are available from federal, state, and local government as well as private entities to encourage preservation of historic resources.  Sometimes efforts to preserve and rehabilitate historic buildings can be challenging, especially when presented with financial obstacles.  There are several types of incentives which can assist in preserving historic resources such as tax credits, easements, loans, grants, and building code exemptions which can make preservation more economically feasible.

Local / State :

• 20% State Historic Rehabilitation Tax Credit

^{Under the program a certified rehabilitation project on an income-producing property is eligible to receive up to 20% of the cost of certified rehabilitation expenditures in state tax credits.}

• City of Lowell Artist Live-Work Zoning Overlay District

^{The City established an arts district within its historic nineteenth century era downtown as a place to encourage a variety of artists to set up their studios and living space. A host of housing opportunities are available for individual artists and cooperative groups who are just starting out or are well-established.}

• Lowell Development & Financial Corporation Assistance Programs

^{The LDFC provides a no-interest loan for 2.5% of the purchase price based on a 5% down payment .  It provides a loan for 1.5% of the purchase price based on a 3% down payment. The maximum amount of assistance is $5,000.  To be eligible for assistance, applicants must a first time homebuyer, the home must be in Lowell, the buyer must complete a homebuyer training program, and the property must be a condominium, single or two-family house.}

• Lowell National Historical Park Preservation Loan Program

^{The Preservation Loan Program provides loans up to $100,000 for the historic rehabilitation of properties listed as a nationally- significant property on the index of properties established by the Lowell Historic Preservation Commission.  Many of these buildings are in the Acre Urban Renewal Area, the JAM Urban Renewal Area and Downtown.  There are several hundred buildings that will qualify for this funding.}

^{The proposed project must be consistent with the goals of the LNHP’s Preservation Plan.  The plans need to be in compliance with the rules and regulations of the Lowell Historic Board and the Secretary of the Interior’s Standards of Rehabilitation as determined by the LNHP.} 

^{Interested applicants should contact Charles Parrott, Architect, Lowell National Historical Park at 978-458-7653 x 104 or charles_parrott@nps.gov}

• Massachusetts Building Code Relief/Exemptions for Historic Buildings (Chapter 34)

• Massachusetts Historical Commission Preservation Projects Fund

^{The Massachusetts Preservation Projects Fund is a state-funded 50% reimbursable matching grant program established in 1984 to support the preservation of properties, landscapes, and sites (cultural resources) listed on the State Register of Historic Places.  Applicants must be a municipality or a non-profit organization.  The program is administered in accordance with 950 CRM 73.00.}

National :

• 20% Federal Historic Rehabilitation Tax Credit

^{20% federal tax credit for the certified rehabilitation of certified historic structures.  The 20% credit is available for properties rehabilitated for  commercial, industrial, agricultural, or rental residential purposes, but it is not available for properties used exclusively as the owner’s private residence.}

• 10% Federal Historic Rehabilitation Tax Credit

^{10% federal tax credit for the rehabilitation of non-historic, non-residential buildings built before 1936.}

• National Trust Community Investment Corporation

             ^{The National Trust Community Investment Corporation (NTCIC) makes equity investments in real estate projects that qualify}  

             ^{for federal and state historic tax credits (and when available New Markets Tax Credits) in all 50 states.  NTCIC has the resources}

             ^{to help you understand how they work and how they can benefit your rehabilitation project.}

• Federal Tax Deductions / Preservation Easements

• 203K Mortgage Program

^{The Section 203(k) program is the Department of Housing and Urban Development's (HUD) primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities}