People who own or are interested in owning historic buildings made their way to Harrison City Hall earlier this week for a seminar to explain tax credit opportunities.

The full release below is from the City of Harrison:

City officials are very pleased with the Historic Tax Credit Seminar held on Monday, Feb. 23. Experienced professionals Gabe Holmstrom and Steve Gardner from Little Rock shared their knowledge and experience in restoring historic structures and receiving thousands of dollars in state and federal tax credits.

There are some thoughts and discussions an owner needs to have before getting started. What is the incentive for saving a building? Just to enjoy saving old buildings? Will it be worth your time and expense? What’s the goal? Can the space be repurposed? Is there a reason to save it? Of course, advice from historians, the Main Street Board, and the Historic District Commission would also be advisable to seek.

Holmstrom and Gardner did preface their answers to specific questions by saying, “You’ll hear us say often, ‘It depends, or ‘Well, maybe.’”

The men suggested using a consultant, especially the first time, to navigate the paperwork and process.

Mayor Jackson welcomes Gardner said, “I did a lot of work for years, without using the available tax credits, just because I had never done it before. I had a friend who partnered with me on a project, and he walked me through every step of the process. It’s detailed, and you have to know what you're doing, but I’ll never skip the tax credits again. It is free money and very worth it.”

The men stressed that you need a plan and cost estimates before you execute the work. Once approved, if something can not be done the way you originally planned, you just show in writing why it can’t be done, show your receipts, and move forward. “Don’t let it scare you.”

Most banks will not make a construction loan due to the possibility of state and federal credits. But some will set up a “pledge” of credit for that possibility.

An important term to know is QRE, “Qualified Rehab Expense.” Some expenses during the rehab process might not be reimbursable.

Another term is “ERS,” Era of Significance. Usually, a structure has to be older than 50 years.

Mayor Jackson said he was very pleased with the crowd. “At least five people attending already own a historic building and are interested in doing some updating and applying for the tax credits.”

When the Historic District Commission is approved by the state, it will be able to answer many questions without waiting for replies from Little Rock. Until that time, City COO/Engineer Wade Phillips will be the point of contact. His email is wphillips@harrisonar.gov, or you can email the speakers gabe@capitolandmain.com, steve@stevegardnerhomes.com, or a Historic District Commissioner.