Galveston Initiates Financial Program for Historic Properties
FOR IMMEDIATE RELEASE
City Initiates Financial Incentive Program for Rehabilitation of Historic Properties
Three-Prong Approach to Restore, Rehab Historic Properties
(GALVESTON, TX) September 3, 2015 – Galveston City Council recently passed a three-prong approach to encourage the rehabilitation of historic properties on the Island through a financial incentive program. In this approach, there are three categories in which historic property owners have the opportunity to receive local tax exemptions: substantial rehabilitation, new historic districts and Galveston landmarks, and new neighborhood conservation districts.
This new program focuses on assisting property owners, both residential and non-residential, in their efforts of revitalizing the historic structures on Galveston Island by providing local tax exemptions for properties already designated as historic and encouraging eligible property owners to seek out this designation. These incentives are also transferrable if the property is sold, maintaining the likelihood of continued progress even if the property changes ownership during restoration and rehabilitation efforts.
To insure each property meets the requirements of the program, the Landmark Commission must certify the rehabilitation work prior to any construction beginning and Galveston City Council must approve the tax exemption after the review by the Landmark Commission.
Interested in learning more about the criteria and how the program works? Please visit http://cityofgalveston.org/646/4445/Financial-Incentive-Program-Historic-Pro to learn more about each opportunity or contact the City’s Historic Preservation Officer, Catherine Gorman, by calling (409) 797-3665 or by email at firstname.lastname@example.org.