The Encyclopedia of Commercial Real Estate Advice by Terry Painter

Author:Terry Painter [Painter, Terry]
Language: eng
Format: epub
ISBN: 9781119629184
Publisher: Wiley
Published: 2020-10-13T00:00:00+00:00

Time and Money Saving Tip

If you find an old building that has become functionally obsolete or, better yet, abandoned, check for local city or state grants or very-low-cost loans that encourage economic investment and revitalization of old buildings. State and federal historical preservation programs can be very useful in raising money. Municipalities often offer gap financing—very-low-cost second-position loans—for renovating old or abandoned buildings. Also, check to see if the building will qualify for a 20% tax credit from the Secretary of the Interior for certified historic structures.

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