A recent Historic Macon Foundation restoration
Using Historic Tax Credits in a Tough Economy Wednesday, March 30, 2011
National Register
6,000 HISTORIC BUILDINGS
Each dot represents one of Macon’s historic buildings 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
Wednesday, March 30, 2011
National Awards
Historic Macon is best known for expertise in neighborhood revitalization, as proven by an Honor Award from the National Trust P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Neighborhood Revitalization
Historic Macon has rehabilitated more than 140 historic buildings •Creating over 2,000 construction jobs •Investing $10,000,000 in historic building restoration P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
The Environment 140 Buildings = 20,000 TONS of debris= The weight of…
1,810 school buses
Historic Macon helps save the environment •Rehabilitating old homes is better for the environment than building new •Saving houses has kept 20,000 TONS of debris from entering the landfill P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Economic Development Historic Macon’s projects
Average increase
$15,000,000.00 $11,250,000.00 $7,500,000.00 $3,750,000.00 Year 1
Year 2
Year 3
$0 Year 4
Year 5
Year 7
Year 8
Year 9
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Creating New Taxes
Additional $141,500.00 In property taxes EVERY year
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Reducing Crime Crime Eliminated Downtown Before Revitalization After Revitalization
100
75
Crime Rate
50
25 Huegenin Heights 0 Neighborhood
Tattnall Square Hieghts
Crime dropped 80% in Huguenin Heights and 50% in Tattnall Square Heights thanks to Historic Macon’s investments P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
842 Tatnall St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
842 Tatnall St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
980 Maple St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
980 Maple St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
972 Maple St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
972 Maple St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
1295 Ross St.- Before
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
1295 Ross St.- After
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Households with Children Single person households
Households without Children
13%
48% 39%
U.S. Household Distribution in 1960 Wednesday, March 30, 2011
Households with Children Single person households
Households without Children
27%
28%
45%
U.S. Household Distribution in 2030 (projected) Wednesday, March 30, 2011
60
1960 45
2000 30
15
2030
Suburban 0
Households with Children
Wednesday, March 30, 2011
Urban Small-lot Households without Children
Urban Loft Single Person Households
Summary
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Summary • Demographic changes in the U.S. will require a vast increase in urban housing options
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Summary • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Summary • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Summary • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020 • Up to 27 million large-lot units may be surplussed by 2020
NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Summary • Demographic changes in the U.S. will require a vast increase in urban housing options • Between 2010 and 2030, four in five new homes needed to accommodate household growth will be for households without children • To meet the emerging demand for the new urbanity, roughly 44.5 million new attached and small-lot detached units will need to be built between 2007 and 2020 • Up to 27 million large-lot units may be surplussed by 2020 • Most buyers would be willing to accept a home with smaller square footage for one with a higher level of finish NEW URBANITY: THE RISE OF A NEW AMERICA, By ARTHUR C. NELSON, The Annals of The American Academy of Political and Social Science November, 2009 626 Annals 192
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Beall’s Hill
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown – Walk to entertainment- Bars, music, movies and restaurants all in walking distance
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown – Walk to entertainment- Bars, music, movies and restaurants all in walking distance – Walk to culture- Symphony, theatre, sports, Mercer
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown – Walk to entertainment- Bars, music, movies and restaurants all in walking distance – Walk to culture- Symphony, theatre, sports, Mercer – Walk to school- Macon’s best schools are intown
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown – Walk to entertainment- Bars, music, movies and restaurants all in walking distance – Walk to culture- Symphony, theatre, sports, Mercer – Walk to school- Macon’s best schools are intown – Walk to the park- 15 parks including the Ocmulgee Heritage Trail (river trail)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Walking Beall’s Hill
• The number one reason that people buy downtown is walkability – Walk to work- 45,000 people are employed downtown – Walk to entertainment- Bars, music, movies and restaurants all in walking distance – Walk to culture- Symphony, theatre, sports, Mercer – Walk to school- Macon’s best schools are intown – Walk to the park- 15 parks including the Ocmulgee Heritage Trail (river trail) – Walk to Church
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
• Downtown is the safest precinct in the City of Macon
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
• Downtown is the safest precinct in the City of Macon • Rehabilitated downtown homes are as efficient as newer homes
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
• Downtown is the safest precinct in the City of Macon • Rehabilitated downtown homes are as efficient as newer homes • The city has very few restrictions on what you do with your home (you can paint whatever color you want, for instance)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
• Downtown is the safest precinct in the City of Macon • Rehabilitated downtown homes are as efficient as newer homes • The city has very few restrictions on what you do with your home (you can paint whatever color you want, for instance) • Being on the National Register does NOT restrict your property rights
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Misperceptions
• Downtown is the safest precinct in the City of Macon • Rehabilitated downtown homes are as efficient as newer homes • The city has very few restrictions on what you do with your home (you can paint whatever color you want, for instance) • Being on the National Register does NOT restrict your property rights • Houses downtown sell for more money per square foot than any other place in Macon
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Benefits
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Benefits
• Property values increase (even in the recession) • Neighbors know each other and community events are frequent • The streets have sidewalks, street trees and street lights • Many buyers drop to one car within the family • Many buyers seek a diverse community • Commute times and gas consumption drops significantly • Physical activity increases • Single-stream recycling is available for free
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children • 17% are Empty nesters and retirees (50-59 years old)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children • 17% are Empty nesters and retirees (50-59 years old) • 68% of buyers are from outside Macon/Bibb County (they have no prejudices or preconceptions)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children • 17% are Empty nesters and retirees (50-59 years old) • 68% of buyers are from outside Macon/Bibb County (they have no prejudices or preconceptions) • 1,380 households per year are likely to consider downtown if they know its an option
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children • 17% are Empty nesters and retirees (50-59 years old) • 68% of buyers are from outside Macon/Bibb County (they have no prejudices or preconceptions) • 1,380 households per year are likely to consider downtown if they know its an option • ONLY 14.3% of buyers in our region are married couples with children
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Market • 72% of potential buyers are Millenials (20-29 year old) singles and couples without children • 17% are Empty nesters and retirees (50-59 years old) • 68% of buyers are from outside Macon/Bibb County (they have no prejudices or preconceptions) • 1,380 households per year are likely to consider downtown if they know its an option • ONLY 14.3% of buyers in our region are married couples with children *Statistics from Zimmerman/Volk & Associates
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Why Build New?
52 Lots on first four blocks
Text Text Text
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
18 extant historic homes
“Infill” Development
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill� Development 1) Building new in a historic neighborhood is called Infill development
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill� Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill� Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land 3) We often use excess land to create larger yards and build parks
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill� Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land 3) We often use excess land to create larger yards and build parks 3) BUT urban neighborhoods also require density to work
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill� Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land 3) We often use excess land to create larger yards and build parks 3) BUT urban neighborhoods also require density to work 4) So that means we sometimes have to build new houses on vacant lots
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill” Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land 3) We often use excess land to create larger yards and build parks 3) BUT urban neighborhoods also require density to work 4) So that means we sometimes have to build new houses on vacant lots 5) If we build new houses, shouldn’t they be worthy of a historic district?
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
“Infill” Development 1) Building new in a historic neighborhood is called Infill development 2) It is necessary because no one wants to own a home adjacent to swaths of untended vacant land 3) We often use excess land to create larger yards and build parks 3) BUT urban neighborhoods also require density to work 4) So that means we sometimes have to build new houses on vacant lots 5) If we build new houses, shouldn’t they be worthy of a historic district? 6) Building new becomes a “necessary evil” to save the historic structures and set the neighborhood on a sustainable path
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Partnerships and Marketing
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
$200,000- Historic Macon Foundation (previous grants released from restriction)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
$200,000- Historic Macon Foundation (previous grants released from restriction)
$500,000- John S. and James L. Knight Foundation Revolving Fund for Beall’s Hill
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
$200,000- Historic Macon Foundation (previous grants released from restriction)
$500,000- John S. and James L. Knight Foundation Revolving Fund for Beall’s Hill
$350,000- Hills and Heights Development Corporataion
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
$200,000- Historic Macon Foundation (previous grants released from restriction)
$500,000- John S. and James L. Knight Foundation Revolving Fund for Beall’s Hill
$350,000- Hills and Heights Development Corporataion (low-interest loans managed by College Hill Alliance and contributed by the City of Macon, Mercer University and the Macon Housing Authority)
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Funding
$200,000- Historic Macon Foundation (previous grants released from restriction)
$500,000- John S. and James L. Knight Foundation Revolving Fund for Beall’s Hill
$350,000- Hills and Heights Development Corporataion (low-interest loans managed by College Hill Alliance and contributed by the City of Macon, Mercer University and the Macon Housing Authority)
Total of $1,050,000 available for Beall’s Hill projects P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales 2) Develop a comprehensive master plan for the entire project including infrastructure, parks, rehabilitation opportunities, infill, partnerships, financing and absorption rates
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales 2) Develop a comprehensive master plan for the entire project including infrastructure, parks, rehabilitation opportunities, infill, partnerships, financing and absorption rates 3) Marketing is almost more important that what you build
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales 2) Develop a comprehensive master plan for the entire project including infrastructure, parks, rehabilitation opportunities, infill, partnerships, financing and absorption rates 3) Marketing is almost more important that what you build 4) Target your marketing at the demographics you can win
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales 2) Develop a comprehensive master plan for the entire project including infrastructure, parks, rehabilitation opportunities, infill, partnerships, financing and absorption rates 3) Marketing is almost more important that what you build 4) Target your marketing at the demographics you can win 5) Build extremely highly finished, very efficient, affordable small houses
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Lay the Foundations 1) Understand the demographics, market and comparable sales 2) Develop a comprehensive master plan for the entire project including infrastructure, parks, rehabilitation opportunities, infill, partnerships, financing and absorption rates 3) Marketing is almost more important that what you build 4) Target your marketing at the demographics you can win 5) Build extremely highly finished, very efficient, affordable small houses 6) Use historic tax credits to make the project irresistible
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Programs
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Programs
Homes 25%-30% state tax credit ($100,000 max) 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
Wednesday, March 30, 2011
Programs
Homes
Commercial
25%-30% state tax credit ($100,000 max) 8.5 year property tax freeze at prerehabilitation value
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
Wednesday, March 30, 2011
Incentives for homes
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
Basic Preservation Theory
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Requirements
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
Quiz
You encounter an (ugly) 1960s wood front door on a 1910 bungalow. What do you do? A) Repair in place and retain B) Replace with a salvaged door of the correct period C) 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
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 original C) 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
Wednesday, March 30, 2011
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 original C) 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
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
Quiz
D) Find the window used as cabinet doors in the laundry room and re-install on front of house
Wednesday, March 30, 2011
Quiz
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
Wednesday, March 30, 2011
Quiz
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
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
CASE STUDY Purchase a home with tax credits in place
Wednesday, March 30, 2011
Homes
Wednesday, March 30, 2011
Homes
Wednesday, March 30, 2011
Homes Restored homes from Historic Macon Foundation include tax credits
Wednesday, March 30, 2011
Homes Restored homes from Historic Macon Foundation include tax credits
Wednesday, March 30, 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.
Wednesday, March 30, 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.
Wednesday, March 30, 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
Wednesday, March 30, 2011
Homes
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
Down Payment Assistance The City of Macon offers down payment assistance up to $25,000 for people of low to moderate incomes
Wednesday, March 30, 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
Wednesday, March 30, 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
Wednesday, March 30, 2011
Homes
Wednesday, March 30, 2011
Homes Because tax credits are based on a percentage, they benefit more expensive homes more than less expensive homes
Wednesday, March 30, 2011
Homes Because tax credits are based on a percentage, they benefit more expensive homes more than less expensive homes
Wednesday, March 30, 2011
Homes Because tax credits are based on a percentage, they benefit more expensive homes more than less expensive homes Projects benefit most by starting with the worst homes
Wednesday, March 30, 2011
Homes Because tax credits are based on a percentage, they benefit more expensive homes more than less expensive homes Projects benefit most by starting with the worst homes
Wednesday, March 30, 2011
Homes Because tax credits are based on a percentage, they benefit more expensive homes more than less expensive homes Projects benefit most by starting with the worst homes High-income home buyers can benefit greatly by purchasing a home with tax credits
Wednesday, March 30, 2011
Homes
Wednesday, March 30, 2011
Historic home
Any other home
House Price
$355,000
$355,000
Down Payment (Mercer Stipend)
-$20,000
$4,725
You Get a Raise!
$7,500/year
$0
Reduced Property Tax
$1,520
$5,396
Total Savings
$107,000
$0
Total Monthly Cost
$1,300
$2,300
CASE STUDY Invest in a rental property with historic tax credits
Wednesday, March 30, 2011
955 Walnut St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
955 Walnut St.
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
CASE STUDY Rehabilitate a major commercial building
Wednesday, March 30, 2011
Atlanta Gas Light
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
CASE STUDY Raise equity for a multimillion dollar lofts project
Wednesday, March 30, 2011
Atlantic Cotton Mills
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Atlantic Cotton Mills
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011
CASE STUDY Raise money for a non-profit to save a historic building
Wednesday, March 30, 2011
Church Conversion
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Church Conversion Needs • 1895 Church on College St. was abandoned and gifted to Mercer University • Mercer University would like to create a performing arts center that can be rented by the community • Must raise $2 million from donors for adaptive re-use Tax Benefits • $2 million in eligible expenses for tax credits • Federal Tax Credits (20%)- $400,000 • State Tax Credits (25%)- $300,000 max Uses • Ask a donor with a large tax liability to buy the tax credits dollar for dollar • Allows University to raise $700,000 and costs the donor NOTHING • Fulfills the donors desire to help Mercer and costs the donor exactly what paying taxes would have cost •Saves the historic building and provides the community with a performing arts center P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 2011
Our Mission Keep and monitor permanent easements or covenants on the property
P.O. Box 13358 Macon, GA 31208 Ph: 478.742.5084 Fax:478.742.2008 www.historicmacon.org
Wednesday, March 30, 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
Wednesday, March 30, 2011