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OLD PROPERTIES STAY FRESH THANKS TO TAX INCENTIVES
With nearly 25% of city in National Register districts, NO. is taking note
By Mary Foster
Contributing writer
When Pat O’Brien found out about historic preservation tax credits in 1982, her Esplanade Ridge neighborhood was a blighted area of abandoned houses.
Today, O’Brien’s neighborhood has a string of restored double Creole cottages and shotguns. She owes thanks to the federal historic preservation tax incentives program, which offers a 20 percent tax credit for the rehabilitation of historic commercial or multifamily structures.
“The tax credit made all the difference to me and what I was able to do,” said O’Brien, who has refurbished 10 houses in her neighborhood with the help of the tax credit since 1982, including one that is still under renovation. “I think it really saved these houses.”
O’Brien isn’t the only Louisiana resident who has found out that restoring buildings on the National Register of Historic Places or in National Register districts can mean sending less money to the tax man.
In 2002, Louisiana tied with Virginia with the second-highest number of property restorations — 63 — that are using the tax credit. Ohio was No. 1, with 70.
According to the state Department of Culture, Recreation and Tourism, which administers the program in Louisiana, projects that received approval for tax credits in 2002 were in Lake Charles, Breaux Bridge, Shreveport and Monroe. But the major-
STAFF PHOTO BY BRYAN S. BERTEAUX
Pat O’Brien has refurbished 10 houses in her Esplanade Ridge neighborhood .with the help of the tax credit since 1982, including one that is still under renovation, under a federal tax incentives program for historic properties.
HISTORIC
DISTRICTS
One requirement of the tax credit program is that buildings either be in a National Register district or be on the National Register of Historic Places. New Orleans’ 20 historic districts are:
Algiers Point Broadmoor Bywater Carrollton Central City Esplanade Ridge Faubourg Marigny Garden District Gentilly Terrace Holy Cross Irish Channel Lower Central Business District Lower Garden District Mid-City New Marigny Parkview South Lakeview Upper Central Business District Uptown Vieux Carre
ity of them were in New Orleans.
“It’s definitely a program that has had a really positive impact on our city,” said Stephanie Bruno of the New Orleans Preservation Resource Center’s Operation Comeback, which promotes the purchase and renova-
tion of vacant historic properties.
Nationwide, the program, which was launched in 1976 and is jointly managed by the National Park Service and the Internal Revenue Service in partnership with state historic preservation offices, has aided in the rehabili-
tation of more than 27,000 historic properties and more than 149,000 housing units.
In Louisiana, where records date only to 1994, 345 projects have been approved for the tax credit, including 59 in 2001 and 45 in 2000.
COVER
Andrew Breaux is renovating building is completed. The fai spaces downstairs, is being i
Prevalent in N.0.
Nicole Hobson, an arc! tural historian manager f( state department that adi ters the program, said Ne leans, which has 20 Nationa ister districts, probably h;