Preservation Makes Sense

In this economic climate, it makes sense to re-invest in your property. Especially if you are fortunate enough to own a contributing building in an historic district, like the Pilsen Historic District. Here are some reasons how investing in your historic property helps everyone:

Historic Preservation Creates Jobs Dollar for dollar, historic preservation is one of the highest job-generating economic development options available. It begins by creating construction jobs for the projects and has a great impact on local labor and local suppliers as well. Direct local purchases from retailers and wholesalers is greater, dollar for dollar for a rehab project than a new construction and keeps jobs in the neighborhood most importantly.

Historic Preservation Incentives In Illinois, contributing buildings in historic districts listed on the National Regsiter of Historic Places are eligible for either the Tax Assessment Freeze or the Tax Credit. These incentives will save money for the building owner on property taxes (if it's owner-occupied) or in the form of a federal income tax credit (if it's income-producing). The standards to which a building needs to be rehabbed are pretty reasonable and maintain the historic character of the building.

Prevents Suburban Sprawl Preservation can be used to prevent suburban sprawl through using existing buildings and sites already in place. It's not the only answer, but it saves infrastructure and transportation costs, reduces air pollution and traffic congestion.