Owners of historic homes across Calgary could soon be eligible for additional grant money and a significant tax break if city council approves a new plan to boost financial incentives for heritage conservation.
The plan, which was approved by a council committee last week and will go before city council for debate later this month, would increase the pool of money available for heritage grants from $500,000 to $2.5 million. Most of that total, a full $2 million, would be for non-residential applications, but the remaining $500,000 would be available for residential applications.
The grants are designed to help heritage homeowners cover “the costs associated with restoration, preservation and rehabilitation of historic properties.” To be eligible, the property in question must be part of the City’s Inventory of Evaluated Historic Resources and hold a municipal designation or be in the process of receiving one.
The plan also calls for consideration of tax credits for heritage homeowners as part of the City’s 2023-26 budgeting process. The credits would cover 75 per cent of a homeowner’s municipal property tax bill annually for up to 15 years or a maximum of $50,000 in total savings.
There are only 31 properties that would be immediately eligible for the proposed credits, but there are 665 known properties that could eventually qualify, according to the City.
More information on the City’s heritage conservation incentives and programs, including the full details of the proposed grant increases and tax credits, is available here. Details of the municipal heritage designation process are available here.