There are several federal and state financial incentives available to assist property owners doing rehabilitation work on historic properties. These programs are available to property-owners who own properties that are listed on the National or State Registers of Historic Places and/or Bristol’s local historic district.
The following programs are administered by the Rhode Island Historical Preservation and Heritage Commission (RIHPHC). For more information, call RIHPHC at 401.277.2678 or visit their website.
Federal Tax Credit for Income-Producing Properties
A federal 20% income tax credit is available for the certified substantial rehabilitation of historic commercial, industrial, and rental residential buildings (i.e.: depreciable property, used in trade or business or held for the production of income), not an owner-occupied residence, and listed on the National Register of Historic Places as individual structures or as part of a historic district and certified as being of historic significance to the district.The incentive is a tax credit taken on the owner’s federal income tax equal to 20% of Qualified Rehabilitation Expenditures. The rehabilitation cost must exceed the adjusted basis of the building and the rehabilitation must be completed within a 24-month period. Projects must meet the Secretary of the Interior’s Standards for Rehabilitation. Final certificates are issued by the National Park Service.
RI Historic Preservation Loan Fund
The RIHPHC has a low-interest loans for preserving properties listed on the National Register.
RI Historic Preservation Easement Program
There are federal income, state, and gift tax benefits for donating a preservation easement to protect a historic building, archaeological site, or land.
Town of Bristol Home Repair Program
The Town of Bristol manages a local Community Development Block Grant (CDBG) funded home repair program for residents that are considered low-moderate income.