Key Takeaways
- Federal historic tax credits provide 20% of renovation cost; state credits add 10-25% in 30+ states.
- Compliance with Secretary of the Interior's Standards adds 20-50% to renovation costs but is required for tax credits.
- Adaptive reuse is typically 20-30% cheaper than new construction while creating premium, distinctive spaces.
- Both historic renovation and adaptive reuse require 2-6 months of additional planning for approvals and design.
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Test Your Knowledge
1.What is the federal historic tax credit percentage for certified rehabilitation?
2.How much do historic preservation standards typically add to renovation costs?
3.What is the typical cost advantage of adaptive reuse over comparable new construction?