On June 22, 2020, the National Park Service added Pensacola Park to the National Register of Historic Places. You should have received a letter from the Kentucky Heritage Council recently with information about the potential tax benefits that come with this designation. Following is some more information from the KHC website:
What does National Register listing mean for property owners?
Listing in the National Register confers honorary status on historic sites and does not affect property ownership rights or place any restrictions or obligations on property owners. National Register listing is meant to recognize properties of historic importance and should not be confused with local historic designations, which may require that any proposed work or alteration of a building or site be reviewed and approved by a local architectural review committee.
Owners of National Register properties may qualify for state and/or federal tax credits for rehabilitation to standards set forth by the Secretary of the Interior, as certified by the Kentucky Heritage Council, or by making a charitable contribution of a preservation easement.
What are the benefits?
Designation as a National Register property provides potential tax benefits. Income-producing properties (such as retail businesses, apartments, bed and breakfasts, and other commercial buildings) listed in or eligible for the National Register may qualify for the Federal Historic Rehabilitation Tax Credit, while commercial and owner-occupied buildings listed in the National Register or contributing to a National Register district may be eligible for the Kentucky Historic Preservation Tax Credit. Often, the federal and state credit may be used in tandem. To qualify, proposed rehabilitation must be reviewed and certified by Kentucky Heritage Council staff and completed in accordance with the Secretary of the Interior’s Standards, outlined in the Illustrated Guidelines for Rehabilitating Historic Buildings.
Additionally, federal survey and planning grants are available through the Certified Local Government Program for activities such as preparing National Register nominations, preservation planning, or identifying and documenting historic buildings, sites and structures, among others. Grants are awarded on a 60/40 matching basis.
An important benefit of National Register listing is that the honorary status conferred by this designation often lends credibility to efforts to preserve these historic resources as viable, functioning community assets. Additionally, the documentation required for National Register listing helps communities to understand, recognize and appreciate the historic significance of their unique local historic resources.
You can see our complete 74-page application, which describes our house styles and the history of the neighborhood in great detail, here.
For more information contact Lisa M. Thompson, KHC National Register Program Coordinator. Her email address is email@example.com or phone (502) 892-3609; or contact us here or email us at firstname.lastname@example.org.