Homeowners may benefit from the New Mexico 50% Rehabilitation Tax Credit. If a property is listed on the State Register of Cultural Properties or classified as a contributing property within an historic district listed on the State Register, the property owner may receive a State income tax credit for qualified rehabilitation work.
The state must review and approve the proposed project both before and after the work is done to ensure that it meets certain standards. The credit applies to one-half of the eligible costs of qualified work with a maximum credit of $25,000. It is not difficult to follow the procedures and complete an application to participate in this program, see the web site or ask City staff for a brochure.
- State Historic Preservation Division, 505-827-6320, 228 E. Palace Avenue, Room 321,Santa Fe, NM 87503
Federal income tax credits: owners of income producing properties may also be eligible for a federal income tax credit for a rehabilitation project. The federal income tax credit allows up to 20% of the eligible costs in a rehabilitation project to be claims against federal income tax liability. For information on this project, contact the New Mexico Historic Preservation Division above.
- City of Albuquerque Office of Neighborhood Coordination: 505-924-3914, 600 Second Street NW, Plaza Del Sol, basement level
- Landmarks and Urban Conservation Commission Office: 505-924-3883, 600 Second Street NW, Plaza Del Sol NW, 3rd Floor
- Neighborhood Housing Services: 505-243-5511, 1500 Lomas NW, Albuquerque, NM 87104 This organization offers income-based assistance and strives to be user-friendly and helpful.
The Huning Highlands, Fourth Ward, and Eighth/Forrester Historic Overlay Zone design guidelines contain a hardship clause allowing flexibility in design review for special cases. If a property owner feels that a decision by the Commission causes an undue financial burden, the Commission has the responsibility to further discuss and review the case, offering alternative rehabilitation solutions or reuse options for the property. City staff, the Commission, and the property owner are directed to work together to determine the best approach to meeting the property owner's needs, while maintaining the historical character of the district by avoiding unnecessary demolition and inappropriate remodeling.
Comments to: Maryellen Hennessy, Planning Department, Plaza del Sol, 600 Second Street NW, Albuquerque, NM 87102, 505-924-3891.