Heritage Preservation Financial Incentives: Establish and promote financial incentives for historically designated properties and other properties important to the City’s heritage.
Currently, Minneapolis’ preservation tools are mostly regulatory, with no local financial incentives. The rehabilitation of historic properties is often more expensive due to the level of materials and craftsmanship needed to ensure historically compatible alterations. Providing and promoting financial tools and resources will help the City meet its goal of broadening the inclusivity of heritage preservation and the protection of endangered properties.
The City will seek to accomplish the following action steps to establish and promote financial incentives for historically designated properties and other properties important to the City’s heritage.
- Identify financial assistance for historic properties such as loans and grants targeted to historic properties in low-income communities.
- Enhance technical assistance by subsidizing architectural assistance for property maintenance and remodeling issues.
- Promote financial preservation incentives for owners and developers of properties that are not locally designated but are important to the city’s heritage.