City Council Presentation

PRC HeadquartersThe Warehouse District

923 Tchoupitoulas Street, New Orleans, LA 70130

Preservation Resource Center of New Preservation Resource Center of New OrleansOrleans

National and Local Historic National and Local Historic Districts Districts

in New Orleansin New Orleans

Homeowner Rehabilitation Homeowner Rehabilitation Tax Credit – UP TO $25,000Tax Credit – UP TO $25,000

A 25% credit is available A 25% credit is available for qualifying buildings for qualifying buildings that are 50 years old or that are 50 years old or older. older.

If the building is If the building is determined to be determined to be vacant vacant and blightedand blighted, the credit , the credit award is increased to award is increased to 50%50%. .

The rehab tax credit can The rehab tax credit can be paired with the be paired with the Restoration Tax Restoration Tax Abatement.Abatement.

Homeowner Rehabilitation Homeowner Rehabilitation Tax Credit: Eligible PropertiesTax Credit: Eligible Properties

A contributing element to a:A contributing element to a:– Cultural District Cultural District – National Register DistrictNational Register District– Locally Designated Historic DistrictLocally Designated Historic District– Main Street DistrictMain Street District– Downtown Development DistrictDowntown Development District

A residential structure that has been listed or that is A residential structure that has been listed or that is eligible for listing on the National Register of eligible for listing on the National Register of Historic PlacesHistoric Places

A vacant and blighted building at least 50 years old.A vacant and blighted building at least 50 years old.

Homeowner Rehab Tax Credit:Homeowner Rehab Tax Credit:Vacant & Blighted PropertiesVacant & Blighted Properties

A building is considered vacant and blighted if it has been A building is considered vacant and blighted if it has been unoccupied for six months, and if at least one of the following unoccupied for six months, and if at least one of the following conditions exists:conditions exists:

Poses a danger to the communityPoses a danger to the community Is not being properly maintainedIs not being properly maintained Is becoming dilapidatedIs becoming dilapidated Is attracting illegal activityIs attracting illegal activity Is a fire hazardIs a fire hazard Is a factor in depreciating property values in the Is a factor in depreciating property values in the

neighborhood due to its poorly maintained state.neighborhood due to its poorly maintained state.

$1 millionInvestment

Renovation New Constructionvs.

$846,000household incometo State economy

$598,000household incometo State economy

28.4 jobsto Local economy

18.4 jobsto Local economy

Donovan Rypkema. “Economics of Historic Preservation” Keynote Address at the Preservation Resource Center of New Orleans. New Orleans, LA. 2009.

Economic Impact of the Economic Impact of the Federal Historic Tax CreditFederal Historic Tax Credit

Block of General Taylor Block of General Taylor StreetStreet

UptownUptown

BEFORE

AFTER

Once abandoned and blighted, this row of 8 double shotguns was renovated by the PRC and the homes were returned to commerce. The project also highlighted the importance of preserving our streetscapes.

To Renovate or Build New? To Renovate or Build New? “Building Envelope” Cost “Building Envelope” Cost

ComparisonComparisonNEW NEW

CONSTRUCTIONCONSTRUCTION

$3,500$3,500

$6,770$6,770

$22,023$22,023

$22,293$22,293

REHABILITATIONREHABILITATION(assumes 40% (assumes 40%

damage damage to all framing)to all framing)

$2,575$2,575

$1,200$1,200

$13,547$13,547

$17,322$17,322

Development CostsDevelopment Costs

Demolition CostsDemolition Costs

Material Costs Material Costs (building (building envelope)envelope)

TOTALTOTALREHABILITATION MAKES CENTS! REHABILITATION MAKES CENTS!

--- --- SAVE $4,971SAVE $4,971 --- ---- on the building envelope alone -- on the building envelope alone -

Building PerformanceBuilding PerformanceInternational Residential Code (IRC) 2009 International Residential Code (IRC) 2009 – – Requirements for New Construction – 7 ach Requirements for New Construction – 7 ach

5050

Air Changes/Hour – Recent Completed Air Changes/Hour – Recent Completed RENOVATIONS by Rebuilding TogetherRENOVATIONS by Rebuilding Together

4140 Paris Ave., Unit 14140 Paris Ave., Unit 1 7.77.74100 Paris Ave., Unit 24100 Paris Ave., Unit 2 7.17.13406 Bruxelles St.3406 Bruxelles St. 8.18.11428 Mithra St.1428 Mithra St. 6.56.54700 Mendez St.4700 Mendez St. 7.27.2

Renovation Make SenseRenovation Make Sense

Livability of Livability of HomesHomes

Durability of Durability of MaterialsMaterials

Aesthetics of the Aesthetics of the NeighborhoodNeighborhood

Environmental Environmental ConcernsConcerns

Sheriff Sale Educational Sheriff Sale Educational WorkshopWorkshopJuly 26July 26thth, 2011, 2011

6 p.m.6 p.m.Preservation Resource Center, 923 Tchoupitoulas Preservation Resource Center, 923 Tchoupitoulas

St.St.1511 Ursulines, SOLD at sheriff

sale

DETAILS at

prcno.org581-7032