save money on historic properties
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Save Money Restoring Historic Buildings
A recent Historic Macon Foundation restoration
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Our Mission
Our Mission is to advocate for Macon’s
historic and architectural heritage,
to facilitate preservation efforts in our community, and to
educate and inspire appreciation for our
unique city. Historic Macon Foundation’s headquarters
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Save on home repairs
Save 25% to 40% of the cost of making basic
home repairs and updates such as new kitchens, baths, roofs or even
repainting.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Buy a home
Tax incentives for home ownership are included with every Historic Macon home. These
incentives mean that a $130,000 home only costs about $400 per month.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Earn more income
Using tax credits for income producing properties can increase income by 40% to 60% or reduce costs or even create enough equity to
enable zero cash deals.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
What’s the catch?
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
What’s the catch?
At least 50 years old
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
What’s the catch?
At least 50 years old
Listed on the National Register of Historic Places
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
What’s the catch?
At least 50 years old
Listed on the National Register of Historic Places
Complete a substantial rehabilitation
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
What’s the catch?
At least 50 years old
Listed on the National Register of Historic Places
Complete a substantial rehabilitation
Work must comply with rehabilitation standards
Saturday, January 22, 2011
Over 6,000 buildings in Macon are already on the National Register
Macon has 12 historic districts
Other 50-yr-old buildings may be added
NATIONAL REGISTER
Saturday, January 22, 2011
Outside of historic districts, listing on the National Register is time consuming, difficult
and can be expensive
Historic districts
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Programs
8.5 year property tax freeze at pre-rehabilitation value
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Programs
Homes
8.5 year property tax freeze at pre-rehabilitation value
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
20% federal tax credit for buildings listed on the National Register of Historic Places (no maximum)
25%-30% state tax credit ($300,000 max)
8.5 year property tax freeze at pre-rehabilitation value
Programs
CommercialHomes
25%-30% state tax credit ($100,000 max)
8.5 year property tax freeze at pre-rehabilitation value
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Incentives for homes
Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon
Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years.
8.5 year property tax freeze at pre-rehabilitation value
Homes in Macon are charged property tax every year. For a $135,000 home, that tax is nearly $2,260 a year ($188/month). Historic Macon homes have
values that are frozen, decreasing your property taxes drastically.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Incentives for homes
Georgia’s state income tax rate is 6%. A household with $50,000 in income pays about $3,000 in state income tax each year. Historic Macon
Foundation’s houses come with $30,000 in tax credits, meaning buyers with $50,000 in income would not pay taxes for ten years.
8.5 year property tax freeze at pre-rehabilitation value
25%-30% state tax credit ($100,000 max)
Homes in Macon are charged property tax every year. For a $135,000 home, that tax is nearly $2,260 a year ($188/month). Historic Macon homes have
values that are frozen, decreasing your property taxes drastically.
Saturday, January 22, 2011
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
Homes
Saturday, January 22, 2011
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
Homes
Saturday, January 22, 2011
Restored homes from Historic Macon Foundation
include tax credits
This home at 980 Maple St. included frozen property taxes at $200 per year and $30,000 in state income tax
credits.
The net monthly cost to own this $130,000 home is
$450 per month
Homes
Saturday, January 22, 2011
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment $4,725 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $44,480 $0
Total Monthly Cost $500 $1,160
Saturday, January 22, 2011
HomesHistoric home
Any other home
House Price $135,000 $135,000
Down Payment $4,725 $4,725
You Get a Raise! $2,700/year $0
Reduced Property Tax $205 $2,260
Total Savings $44,480 $0
Total Monthly Cost $500 $1,160
Saturday, January 22, 2011
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Saturday, January 22, 2011
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Mercer University offers $20,000 to all employees for
down payments
Saturday, January 22, 2011
Down Payment Assistance
The City of Macon offers down payment assistance up to $25,000 for people of low
to moderate incomes
Mercer University offers $20,000 to all employees for
down payments
Georgia Dream can offer $5,000 to $7,500 to help with
down payment and closing costs
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Basic Preservation Theory
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Basic Preservation Theory
1. Do as little as possible to ensure the future of the building
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Basic Preservation Theory
1. Do as little as possible to ensure the future of the building
2. Whatever changes you do make should be reversible
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
You must retain original architectural features, especially historic windows
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Do not replicate or mimic missing historic features
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
• Additions should be clearly modern, not blended with the
building, but• Additions should not substantially alter the appearance of the building
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
• Existing building at 503 Fifth St.• Owner would like to add an exterior
deck for entry
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
• Original deck design was decorative wood with a lattice
screen• Looked faux-historical and obscured the building’s lower storey
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
• Deck at 503 Fifth St. had to be redesigned in steel
• New design is clearly modern, but preserves the building’s industrial
identity
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Requirements
Saturday, January 22, 2011
You encounter an (ugly) 1960s wood front door on a 1910 bungalow.
What do you do?
A) Repair in place and retainB) Replace with a salvaged door of
the correct periodC) Replace with a new door of the
correct style
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
You encounter an (ugly) 1960s wood front door on a 1910
bungalow. What do you do?
A) Repair in place and retainB) Replace with a salvaged door
of the correct periodC) Replace with a new door of the
correct style
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
You would like to make a small addition to an 1870s Victorian Cottage. How do you add on?
A) Match the original truss design and roof lines, use salvaged siding to blend with original
B) Use modern cement-board siding and step in the addition an inch to differentiate slightly
from the originalC) Use vinyl or aluminum siding
to differentiate and date the modern addition
D) Construct the addition in a modern contrasting style
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
You would like to make a small addition to an 1870s Victorian Cottage. How do you add on?
A) Match the original truss design and roof lines, use salvaged siding to blend with original
B) Use modern cement-board siding and step in the addition an inch to differentiate slightly
from the originalC) Use vinyl or aluminum siding
to differentiate and date the modern addition
D) Construct the addition in a modern contrasting style
Saturday, January 22, 2011
• Completed appropriate addition at 1295 Ross St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
• Completed appropriate addition at 1295 Ross St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
Your house has two front doors. You would like to restore one as a window. What do you do?
A) Use a modern aluminum or vinyl window of a similar style to differentiate the addition
B) Use a salvaged wood window of the correct period and styleC) Build a new wood window of the correct style to match existing
windowP.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Your house has two front doors. You would like to restore one as a window. What do you do?
A) Use a modern aluminum or vinyl window of a similar style to differentiate the addition
B) Use a salvaged wood window of the correct period and styleC) Build a new wood window of the correct style to match existing
window
Saturday, January 22, 2011
D) Find the window used as cabinet doors in the laundry room and re-install on front
of house
Quiz
Saturday, January 22, 2011
Your Victorian house is missing its original mantels. How do you
frame the fireplaces?
A) Salvage wood mantels of the correct period and install them
B) Build new wood mantels to replicate the correct style
C) Cover the fireplaces with drywall to screen them
D) Build new wood mantels with little ornament to appear new
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
Your Victorian house is missing its original mantels. How do you
frame the fireplaces?
A) Salvage wood mantels of the correct period and install them
B) Build new wood mantels to replicate the correct style
C) Cover the fireplaces with drywall to screen them
D) Build new wood mantels with little ornament to appear new
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Quiz
Saturday, January 22, 2011
Quiz
Finished mantel at 1295 Ross St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Quiz
Finished mantel at 1295 Ross St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St. Before
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
1295 Ross St.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
955 Walnut St.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
955 Walnut St.
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Atlanta Gas Light
Saturday, January 22, 2011
Needs$750,000 to convert the building into 7 loft apartments
StrategyHistoric Macon recruits two investors to fund the acquisition and development by
investing $375,000 each for one year
Tax CreditsBased on a $750,000 project budget
• Federal Credit at 20%- $150,000• State Credit at 25%- $187,500
ReturnsEach investor receives:
• $75,000 in federal tax credits and • $93,750 in state tax credits
45% Return for 1 year investment
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Atlanta Gas Light
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Atlantic Cotton Mills
Saturday, January 22, 2011
Needs• Need $12.5 million to convert mill into 103 loft apartments• $2.5 million down payment on debt
Tax Benefits• $10,800,000 in eligible expenses for tax credits• Federal Tax Credits (20%)- $2,160,000• State Tax Credits (25%)- $300,000 max• Property Tax Freeze- $1,250,000
Uses• Sell Federal tax credits for 93 cents on the dollar- $2,008,800• Raise <$500,000 in equity
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Atlantic Cotton Mills
Saturday, January 22, 2011
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Atlantic Cotton Mills
Saturday, January 22, 2011
Josh Rogers, Executive Directorjrogers@historicmacon.org
phone 478-742-5084 • fax 478-742-2008email info@historicmacon.org • site www.historicmacon.org
Saturday, January 22, 2011
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