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  • The Vicksburg Post

    Vicksburg rehabilitation project highlighted in National Park Service annual report

    By Blake Bell,

    2024-06-13
    https://img.particlenews.com/image.php?url=1aMuOf_0tqCEhQx00

    The Technical Preservation Services office of the National Park Service has recently published its annual report highlighting the Federal Historic Preservation Tax Incentives Program for the fiscal year 2023.

    One of the projects highlighted in the program report is the Haydel House at 1010 Locust Street in Vicksburg. The Federal Historic Preservation Tax Incentives Program, administered by the National Park Service in partnership with the State Historic Preservation Offices, is the nation’s most effective program to promote historic preservation and community revitalization through historic rehabilitation.

    With over 49,000 completed projects since its enactment in 1976, the program has leveraged more than $131.71 billion in private investment in the rehabilitation of historic properties. The program provides a 20-percent federal tax credit to property owners who undertake a substantial rehabilitation of a historic building in an income-producing use, while maintaining its historic character. In a three-part application process, the National Park Service certifies that a building is historic, and therefore eligible for the program, and that its rehabilitation meets preservation standards. The Historic Tax Credit is the largest federal program specifically supporting historic preservation. It generates much-needed jobs and economic activity, enhances property values in older communities, creates affordable housing, and augments revenue for federal, state, and local governments, leveraging many times its cost in private expenditures on historic preservation.

    1010 Locust Street, owned by Rusty and Yvonne Haydel, is a one-story Craftsman bungalow, c. 1920, that was rehabilitated by the Haydels and their contractor, Neal Brun, over a two-year period for use as an Airbnb. It was one of 18 projects in Mississippi that were approved by the National Park Service in fiscal year 2023. Mississippi projects totaled $21,500,000 in qualified rehabilitation expenses. Over the last five years, Mississippi projects have totaled $190,268,854.  A total of 36 projects in Vicksburg have taken advantage of the program or are in the process of completing their rehabilitations.

    In order to be eligible for the credit, a building must be listed in the National Register, either individually or as a contributing building within a National Register district. The credit is 20 percent of eligible rehab costs, which must be taken in no less than the first five years and can be taken over a 20-year period. A project’s rehabilitation expenditures must exceed the greater of $5,000 or the adjusted cost basis, which is the purchase price, less the cost of land, plus improvements already made, minus depreciation already taken. Qualified rehabilitation expenditures include work undertaken on structural components such as walls, roofs, windows, floors, as well as central air conditioning and heating systems, plumbing and plumbing fixtures, electrical wiring and lighting fixtures, elevators, and other components related to the operation or maintenance of the building. Architectural and engineering fees, development fees, and other construction-related costs are also allowable.  All work must be in accordance with the Secretary of the Interior Standards, with application and subsequent approval made prior to beginning any work.

    Properties in Mississippi are also eligible for the Mississippi Historic Tax Credit if the building is listed in the National Register, either individually or as a contributing building within a National Register district. The credit is 25 percent of eligible rehabilitation costs and can be taken over a 10-year period. A project’s rehabilitation expenditures must exceed $5,000 or 50 percent of the total basis of the building.  Allowable expenses are the same as the federal program, and, as with that program, all work must be in accordance with the Secretary of the Interior Standards. The Mississippi program, however, also allows for a cash rebate of 18.75 percent, in lieu of the 25 percent credit, something that is not available through the federal program.

    One of the services of the Vicksburg Foundation for Historic Preservation is to complete applications for each of these incentives, as well as, to complete applications nominating a property to the National Register of Historic Places, thereby making a historic building eligible for the state and federal tax credits. For more information about these services, or to see if a building is listed in the National Register, call 601-636-5010 or email vburgfoundation@aol.com .

    Congratulations to the Haydels on the exemplary rehabilitation of their beloved building and for being one of only 15 projects highlighted by the National Park Service in their annual report.

    Nancy Bell, Vicksburg Foundation for Historic Preservation.

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