A recent Historic Macon Foundation restoration
Save Money Restoring Historic Buildings
Saturday, January 22, 2011
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
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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. P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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. P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
What’s the catch?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
What’s the catch?
At least 50 years old
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
What’s the catch?
At least 50 years old
Listed on the National Register of Historic Places
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
What’s the catch?
At least 50 years old
Listed on the National Register of Historic Places Complete a substantial rehabilitation
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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 P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
986 ADAMS ST. Saturday, January 22, 2011
986 ADAMS ST. BUILT LATE 1800S
Saturday, January 22, 2011
1211 ROSS ST. Saturday, January 22, 2011
1211 ROSS ST. BUILT 1862
Saturday, January 22, 2011
GLASS HOUSE Saturday, January 22, 2011
GLASS HOUSE BUILT 1949, New Canaan, CT
Saturday, January 22, 2011
1310 TWIN PINES LN. Saturday, January 22, 2011
1310 TWIN PINES LN. BUILT 1947
Saturday, January 22, 2011
HAPP BROTHERS Saturday, January 22, 2011
HAPP BROTHERS Built late 1800s, now Broadway Lofts
Saturday, January 22, 2011
SHAVER HOUSE Saturday, January 22, 2011
SHAVER HOUSE Built1937 by Ellamae Ellis League in Gray, GA
Saturday, January 22, 2011
NATIONAL REGISTER 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
Saturday, January 22, 2011
Historic districts
Outside of historic districts, listing on the National Register is time consuming, difficult and can be expensive
Saturday, January 22, 2011
Programs
8.5 year property tax freeze at prerehabilitation value
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Programs
Homes
8.5 year property tax freeze at prerehabilitation value
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Programs
Homes 25%-30% state tax credit ($100,000 max) 8.5 year property tax freeze at prerehabilitation value
Commercial 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
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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 prerehabilitation 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. P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Incentives for homes 25%-30% state tax credit ($100,000 max) 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 prerehabilitation 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. P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
CASE STUDY Purchase a home with tax credits in place
Saturday, January 22, 2011
Homes
Saturday, January 22, 2011
Homes
Saturday, January 22, 2011
Homes Restored homes from Historic Macon Foundation include tax credits
Saturday, January 22, 2011
Homes Restored homes from Historic Macon Foundation include tax credits
Saturday, January 22, 2011
Homes 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.
Saturday, January 22, 2011
Homes 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.
Saturday, January 22, 2011
Homes 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
Saturday, January 22, 2011
Homes
Saturday, January 22, 2011
Historic 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
Homes
Saturday, January 22, 2011
Historic 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
Down Payment Assistance
Saturday, January 22, 2011
Down Payment Assistance
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
Basic Preservation Theory
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Basic Preservation Theory
1. Do as little as possible to ensure the future of the building
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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 P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
You must retain original architectural features, especially historic windows P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
Do not replicate or mimic missing historic features
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
•
Additions should be clearly modern, not blended with the building, but • Additions should not substantially alter the appearance of the building
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
• 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
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
•
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
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Requirements
•
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
Saturday, January 22, 2011
Quiz
You encounter an (ugly) 1960s wood front door on a 1910 bungalow. What do you do? A) B) C)
Repair in place and retain Replace with a salvaged door of the correct period 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
Saturday, January 22, 2011
Quiz
You encounter an (ugly) 1960s wood front door on a 1910 bungalow. What do you do? A) B) C)
Repair in place and retain Replace with a salvaged door of the correct period 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
Saturday, January 22, 2011
Quiz You would like to make a small addition to an 1870s Victorian Cottage. How do you add on? A) B)
C) D)
Match the original truss design and roof lines, use salvaged siding to blend with original Use modern cement-board siding and step in the addition an inch to differentiate slightly from the original Use vinyl or aluminum siding to differentiate and date the modern addition 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
Saturday, January 22, 2011
Quiz You would like to make a small addition to an 1870s Victorian Cottage. How do you add on? A) B)
C) D)
Match the original truss design and roof lines, use salvaged siding to blend with original Use modern cement-board siding and step in the addition an inch to differentiate slightly from the original Use vinyl or aluminum siding to differentiate and date the modern addition 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
Saturday, January 22, 2011
Quiz
• 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
Saturday, January 22, 2011
Quiz
• 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
Saturday, January 22, 2011
Quiz
Your house has two front doors. You would like to restore one as a window. What do you do? A) B) C)
Use a modern aluminum or vinyl window of a similar style to differentiate the addition Use a salvaged wood window of the correct period and style Build a new wood window of the correct style to match existing window P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Quiz
Your house has two front doors. You would like to restore one as a window. What do you do? A) B) C)
Use a modern aluminum or vinyl window of a similar style to differentiate the addition Use a salvaged wood window of the correct period and style Build a new wood window of the correct style to match existing window P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Quiz
D) Find the window used as cabinet doors in the laundry room and re-install on front of house
Saturday, January 22, 2011
Quiz
Your Victorian house is missing its original mantels. How do you frame the fireplaces? A) B) C) D)
Salvage wood mantels of the correct period and install them Build new wood mantels to replicate the correct style Cover the fireplaces with drywall to screen them 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
Saturday, January 22, 2011
Quiz
Your Victorian house is missing its original mantels. How do you frame the fireplaces? A) B) C) D)
Salvage wood mantels of the correct period and install them Build new wood mantels to replicate the correct style Cover the fireplaces with drywall to screen them 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
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
1295 Ross St. Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
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
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
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
CASE STUDY Invest in a rental property with historic tax credits
Saturday, January 22, 2011
955 Walnut St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
955 Walnut St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
CASE STUDY Rehabilitate a major commercial building
Saturday, January 22, 2011
Atlanta Gas Light
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Atlanta Gas Light Needs $750,000 to convert the building into 7 loft apartments Strategy Historic Macon recruits two investors to fund the acquisition and development by investing $375,000 each for one year
• •
Tax Credits Based on a $750,000 project budget Federal Credit at 20%- $150,000 State Credit at 25%- $187,500
• •
Returns Each 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
Saturday, January 22, 2011
CASE STUDY Raise equity for a multimillion dollar lofts project
Saturday, January 22, 2011
Atlantic Cotton Mills
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Atlantic Cotton Mills 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
Saturday, January 22, 2011
Atlantic Cotton Mills
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Saturday, January 22, 2011
Josh Rogers, Executive Director jrogers@historicmacon.org phone 478-742-5084 â&#x20AC;˘ fax 478-742-2008 email info@historicmacon.org â&#x20AC;˘ site www.historicmacon.org
Saturday, January 22, 2011