Suggestions on Financing Restoration Projects

1. Prequalify for a loan:

Talk to your bank to find out what you can afford before you go looking for a project. This will save you time by helping you limit your search to projects that meet your budget.

2. Check into financial incentives:

The big incentive is the federal and state tax credits for rehabilitating historic properties. If your building will be income-generating, you may qualify for a tax credit equal to 40 percent of your property's renovation cost. The State of Indiana is now also offering a tax credit for homeowners who rehab their historic houses. BRI offers low-interest loans to help owners restore historic properties. You may also qualify to receive a charitable deduction on your federal income tax return if you donate control of your building's exterior to BRI. For information on these incentives call BRI Executive Director Steve Wyatt at 336-0909. You can also check out the tax credit site listed on our Links page.

3. Identify the project that's right for you:

Once you have figured out what you can afford and how much time you have, find a project that fits your situation. What neighborhood do you want, how big of a house or building do you want, and do you want a major project, or just a cosmetic renovation? We would be happy to tell you what we know about neighborhoods and properties.