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Historic district designation has become an important tool for state and local governments in efforts to preserve the character of central-city neighborhoods. Designations convey more prestige to an individual property or historic district, deter unsightly new building, and make federal and state tax breaks available to owners of individually listed properties.
Higher property values and rates of appreciation are the most important economic benefits of historic district designations of residential neighborhoods. Studies show that historic district homes can appreciate 15 percent higher than the average in similar nearby neighborhoods. There is lots info on line–look up “historic district benefits.” (There is a good general article by Jonathan Mabry.)
Being part of an expanded Old North Durham National Register Historic District would not entail any limitations on what property owners can do with their property. But it does currently provide Federal and State tax credits for qualified renovations. Federal credits generally apply only to income- producing properties. State tax credits are broader, but have lapsed several times in recent years only to be renewed.
OND recently started a new application which (as we go to press) has been tabled for now. But this will come up again so we want to find out how much real support it has in Duke Park. It costs about $20,000 to hire a consultant to prepare the documentation for the historic district expansion (which would include identifying the HD boundaries with precision). The state had (and probably will have again) grants that will cover about 60% of that or $12,000. That leaves $8,000 that needs to be raised. The City does not have funds for this, but they would administer the grant if the neighbor- hoods can raise the remaining $8,000. Old North Durham was willing to commit $4,000 if Duke Park could commit the other $4,000.