Qualified Historic Building Owners Eligible for Tax Credits

The National Park Service, which manages historical sites, recently designated the downtown Lafayette Central Business District (Le Centre) as a National Register Historic District.

Posted: Nov 3, 2020 1:55 PM

The National Park Service, which manages historical sites, recently designated the downtown Lafayette Central Business District (Le Centre) as a National Register Historic District.

Owners of eligible historic buildings in the new district can apply for federal and state historic commercial tax credits. The district lies within the Downtown Development District, and the tax credits help historic property owners with maintenance and repair costs, typically incurred by historic building owners.

If work is approved in advance and performed according to the Secretary of the Interior's guidelines for rehabilitation, owners may be eligible to receive a 20 percent federal income tax credit and an additional 18 percent state income tax credit on eligible building maintenance and rehabilitation costs.

Costs include roofing replacement or repair, masonry repairs, and most construction costs associated with maintaining or rehabilitating a building to put it back into commerce. Owners interested in applying for tax credits should contact Staff Liaison to the Preservation Commission Roxana Usner in LCG’s Development and Planning Department at 337-291-7193 or rmusner@lafayettela.gov

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