SPRINGFIELD, Ill. — Get money to restore historic buildings.
That’s the idea behind a new Illinois Department of Natural Resources Historic Preservation Tax Credit Program.
The program is available to owners of historic structures who wish to undertake certified rehabilitations of their respective buildings.
Eligible owners can receive up to $15 million dollars per year for five years for a total of $75 million in total tax credits.
In the first round of awards, tax credits were awarded to four historic structure owners, none of whom are from the Peoria area, though IDNR Director Colleen Callahan said Peoria was an indirect inspiration behind this new program because of the River Edge Historic Tax Credit Program.
“The economic benefits of the ongoing five-city River Edge state historic tax credit can be readily seen in the renaissance of Peoria’s riverfront historic district,” she said.
The credits are allocated on a first-come, first-served basis, with priority given to buildings located in low-income census tracts, counties that border a state with a competitive statewide historic tax credit, and federally declared disaster areas.
