Historic Building Reuse as a Form of Community Real Estate Development

Abstract

Historic Building Reuse as a Form of Community Real Estate Development addresses the intersection of community real estate development with historic building reuse. Many communities that were once considered a low development priority are being rediscovered for their re-developable urban cores and neighborhoods. Former undesirable historic buildings are now in-demand redevelopment sites. Historic redevelopments have higher standards that need to be followed if applying for historic building rehabilitation tax credit and are, at times, not practical for many traditional developers. Thus, this chapter examines the use of different financial incentives to aid community real estate developers who are working with old buildings, such as tax credits, transfer of development rights, and rehabilitation revolving funds that encourage community-driven historic rehabilitation. It will also conclude with ideas regarding a human-centric approach to historic building reuse and neighborhood revitalization from a community real estate perspective.