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.
National Register of Historic Places
The National Register of Historic Places is a federal program, and all applicants go through similar application procedures.
Secretary of the Interior's Standards and Guidelines for Rehabilitation
Rehabilitation projects must meet the specific Standards for Rehabilitation to qualify as “certified rehabilitations” eligible for the rehabilitation tax credit.
Guidelines and Standards for Rehabilitating Historic Buildings
The Guidelines and Standards for Rehabilitation provide a model process for owners, developers, and Federal agency managers to follow.
Programs for Designated Historic Properties
The following programs are for designated historic properties, available as funding permits:
- Tax assessment freeze program for certified rehab program, administered by the State of Illinois call 217-785-4512 for more information.
- Federal Historic Preservation Tax Credit Program: Provides for a 20% tax credit for the substantial rehabilitation of an income producing property that is certified as historic. The credit may be subtracted directly from the federal income taxes owed by the owner. Additional information about the application process and requirements for the 20% federal historic tax credit in Illinois can be found on the website of Technical Preservation Services maintained by the National Park Service U.S. Department of the Interior.
- Illinois Historic Preservation Tax Program: Provides a 25% tax credit for the substantial rehabilitation of an income producing property that is certified as historic and which is also located in a River Edge Redevelopment Zone.
For more information about these programs, contact Planning and Zoning at 630-256-3080.
Quotes From Property Owners
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