This is the list of resources provided to Home Rentals by the Preservation Commission should HR decide to rehab the Stotlar House rather than demolish it:
Local
Property Tax Assessment Freeze--property taxes on the building can be frozen for over a 122 year period after rehab is completed.
State
Landmarks Illinois has the Preservation Heritage Fund Grant which provides assistance to preserve or protect significant structures and sites in Illinois
Federal
Federal Rehabilitation Tax Credit--offers a dollar for dollar Federal income tax credit equal to 20% of the construction costs.
Low Income Housing Tax Credit--Offered a tax credit for the rehab of low income housing. Either 9% per year for 10 years for projects not receiving Federal subsidies or 4% for those subsidized. (Don't think the Stotlar House would qualify).
National Trust for Historic Preservation--A number of grant and loan programs are available.
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