Do you own, or are you considering buying a historic building?
Is it in a historic district with possible tax credit incentives for exterior improvements?
The issue can be confusing because there are three historical designations and sets of rules—City, State and Federal.
Built in 1812 on Williams Street, this house is an example of an original large brick Adamesque-Federal style town house.
Built in 1746 on 201 South Main Street, this house is an example of an historic American Colonial.
The Joseph Haile House (or Gardner House) is an historic house at 106 George Street was built in 1806 in the Federal style.
The first mansion built in Providence in 1786. Named after the original owner and one of the founders of Brown University.
Built in 1860, the church building was designed by Richard Upjohn and remains an active parish today.
Built in 1865 by Governor Henry Lippitt, the house is now a Victorian period historic house museum.
Built In 1792 by Captain Joseph Nightingale, purchased In 1814 by Nicholas Brown. His descendants donated it to Brown Univ.in 1985.
The Federal style house was built in 1818 by John Holden Greene.
The Renaissance house was built in 1853 by Alpheus C. Morse.
The church was built in 1851.
The early republic house was built in 1801 by Wallis Howe.
John Holden Green designed the house in 1821. Aldrich purchased it in the 1890s. His decendents gave the house to RIHS in 1974.
One way to simplify the three preservation efforts is to think of the state and federal programs as the carrots, while the city's designation is usually the stick. The city's program is overseen by the Historic District Commission, (HDC) and is a zoning designation, that prevents changes to the exterior of a building within the district without prior approval, (the stick). It has nothing to do with tax credits, (the carrots.) However, there may be financial incentives for improvements made in the HDC-controlled districts available from the state.
Generally, a house within a historic district sells for about 10 to 20 per cent more than a similar house not in a historic district. Also, there is the personal satisfaction and charm that comes from living on a street that appears much the way it did when authors H.P. Lovecraft and Edgar Allan Poe walked the neighborhood.
In Fox Point, there is a section of the neighborhood that is part of the College Hill Historic District. It has a main section of streets that include those east of the Providence River; west of Brook Street; north of Wickenden Street and south of Charlesfield Street, It then has two arms,one that extends all the way down Benefit Street and another bordered by Power, Angell, Govenor, and Hope streets.
Having an area designated as a Historic District by the City of Providence has some trade-offs involved, particularly if you wish to change the exterior of your house in any way. However, there are city personnel to help you through the process, like Jason Martin, who can be reached at 401/351-4300, extension 517. Visit www.providenceplanning.org and find HDC under Boards & Commissions to review maps of the city's historic districts and find out more about the HDC goals.
However, there are two other historic designations that could apply to properties, both of which are administered by the State of Rhode Islands Historical Preservation and Heritage Commission, (RIHPHC). These two programs are referenced as the carrots, because their regulations to maintain a buildings historical significance are not as restrictive and because they offer the tax credits for renovations. (A tax credit is much better than a tax deduction because it is subtracted from the bottom line of a persons tax liability after all other deductions have been made.)
One designation is The National Register of Historic Places district, which in Fox Point is larger than the city's historic district. It is bordered on the east by Governor Street, by the shorelines of the Narragansett Bay on the south and the Providence River on the west, and Olney Street on the north. If you live within this district, you can receive a 20-percent federal tax credit for approved renovations. So, if a building's owner spends $10,000 on a homes exterior there would be a $2,000 tax credit, which is the annual maximum credit. If you spend more than $10,000, another 20-percent tax credit can be carried over to the next tax year and following years.
Basically, the commission looks at the age of a building, but also how well it is historically preserved and how well its neighboring structures are preserved. That regulation might explain why the area east of Governor Street to the Seekonk River was excluded from the National Register. Ironically, this small area of Fox Point includes equally old houses and has the supposed landing place of the city's founder, Roger Williams. Home improvements, like vinyl siding, chain-link fencing and replacement windows are extensively found in those two blocks east of Governor Street to the river.
However, the owners of individual houses within this area still may apply for a listing on the National Register. If their house is historical for some particular reason, or they agree to follow the renovation guidelines set out by the commission, they may receive an individual designation. Again, the chances are better if the adjacent houses on the street have retained historical features, too. For more information and assistance on The National Register of Historic Places, contact www.preservation.ri.gov/register/assistance.php.
RIHPHCs state program, which closely tracks the criteria and approval process associated with the National Register, offers a 22-percent tax credit for investment property and a 20-percent credit for homeowners. An example of a structure that might receive a state designation without already being on the National Register would be a one of particular historical significance to a community, like a train depot or a bathhouse.
For investment property, the state's program allows the recipient of the credit to sell it to developers and others, who are allowed to use 80 cents on the dollar of the 22 -percent tax credit to offset taxable income.
If you are interested in tax credits, go to www.preservation.ri.gov to find out more about the criteria, and print out applications.
Another helpful source of information can be found on the web site of the Providence Preservation Society, (PPS) www.ppsri.org.
© 2010 Fox Point Neighborhood Association
