Enterprise Zone Rehabilitation Grants and Historic Tax Credits
Virginia has set up several areas around the state designated as “Enterprise Zones”. These “Zones” were set up to help spur job growth and economic rehabilitation of these areas by awarding "Rehabilitation Grants" to the owners of the rehabilitated property. There are certain rules and regulations that need to be followed, but it could mean $100,000 in Grant revenue awards.
To apply for the “Rehabilitation Grants”, the owner of the building must use a Certified Public Accountant to perform the attest/audit functions required by Virginia. Boitnott & Schaben has vast experience in this field and can assist through this process with ease, making sure you are getting every dollar you deserve for the rehabilitation.
In addition to the “Rehabilitation Grants” you may be able to claim a "Historic Tax Credit" for structures that are to be rehabilitated. If the building was originally constructed pre-1936 or has been designated an Historic Structure, you could apply for additional tax credits.
Please call or email us with specific questions, as there are specific steps and dates that you will need to follow in order to apply for the Grant. You can also find information by going to the Virginia Enterprise Zone website at:
Summary of Virgina Enterprise Zone Grants: http://www.dhcd.virginia.gov/CommunityDevelopmentRevitalization/PDFs/vez_state_incentives.pdf