New Mexico offers state income tax credits in the amount of 50% of the cost of approved work to owners of historic structures who accomplish rehabilitation of qualifying properties.
Property must be individually listed in or contributing to a historic district listed in the State Register of Cultural Properties. The property may be a personal residence or income-producing property such as an apartment building or office.
702 of the 859 houses and other structures in the Monte Vista and College View Historic District are contributing. The District is listed on the State Register of Cultural Properties as well as the National Register of Historic Places.
A number of owners in the Monte Vista and College View Historic District have used the program. Approved projects have included new roofing, modernizing electrical and plumbing systems, refinishing wood floors, and replacing heating and cooling systems.
Work must be approved before it is performed!
The program is outlined at www.nmhistoricpreservation.org/PROGRAMS/creditsloans_taxcredits.html
Call Harvey Kaplan of the NM Historic Preservation Division, 505-827-3971.