Department of Historic
Resources Incentives and Grants.The following department programs offer a variety
of financial assistance for historic preservation. If you are interested in
any of the programs, select their titles for more information.
Certified Local Government Grants. Certified Local Governments are eligible for grants that can be used to survey architectural and archaeological resources, prepare nominations to the National Register of Historic Places, create preservation planning documents and programs, create public education programs, and rehabilitate publicly owned buildings listed on the national register.
Survey & Planning Cost Share Program. Through the cost share program, localities can partner with DHR to take stock of their historic resources. By knowing all of what it has, a locality can then make sound decisions about planning development. The department partially funds and fully administers the projects, relieving often over-burdened local planning officials.
Easements.By donating historic preservation easements on their properties, owners are eligible for several financial incentives. The value of an easement, determined by an appraiser, can be deducted from federal taxable income, and up to 50% of the value of the easement may be claimed as a credit against state income taxes. Donation of an easement may stabilize or lower property taxes and can lower inheritance taxes. By eliminating the right to develop the property further, owners lower its estate value. Forty percent of the value of the land included in the easement donation may be excluded from a descendant's estate.
Rehabilitation Tax Credits. Interested in rehabilitating a historic building? Property owners who complete a certified rehabilitation of a significant historic building can receive an income tax credit on 25% of their eligible expenses through the Virginia Rehabilitation Tax Credit Program and an additional 20% credit through the Federal Rehabilitation Tax Credit Program.
State Grants.
General Assembly grants are available to local governments, nonprofit
historical associations, organizations, and museums for rehabilitation,
maintenance, and operation of sites or facilities, or maintenance of
collections and exhibitions. Here is the
state grants application form.