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The Economics of Historic Preservation

Federal studies have indicated that the creation of a historic district can be the catalyst for significant private investment in neighborhoods. Historic designation has proven to stabilize and/or increase property values.

The following programs are for designated historic properties, available as funding permits:

• $10,000 Preservation Loan Program. 0% interest with no payments due until the house is sold.
• $7,500 De-Siding Grant Program - to help remove artificial siding and restore the original wood siding. 50/50 match required.
• $3,000 Window Grant Program - to help repair historic wood windows. 50/50 match required.
• Tax assessment freeze program for certified rehab (administered by the State - (217) 785-4512).
• Tax Credit Program. Provides for a 20% tax credit for the substantial rehabilitation of a commercial building that is certified as historic. The credit may be subtracted directly from the federal income taxes owed by the owner.

For more information about these programs, contact Planning and Zoning at (630) 256-3080.

Property owners in Aurora’s Historic Districts have stated:

“The history, beauty, and elegance of old Aurora are represented by the buildings. The energy, enthusiasm and spirit of community of contemporary Aurora are represented by the people who live in that neighborhood.”

“I like the idea that my neighborhood will have the same character fifty years from now as it does today.”

“My property value will be maintained or increased because of the historic designation.”