Selling a historic home has considerations that may not come up with newer homes, especially if the historic home is on the National Register of Historic Places or in a National Register listed district. There may be a historic preservation easement on the property, any rehabiltitation may have to get approval from a regulatory commission, and navigating the historic tax credit process can be daunting.
We are here to help realtors support their clients through education, consultation, and research guidance.
The first thing many realtors want to do when selling a historic building is find out more about it, so that they can more easily tell the property’s story. The first step in that process is to learn more about researching historic properties. You can read through our tips for this kind of research on our web page “How to Research a Historic Property in greater Little Rock."
The National Register of Historic Places
Realtors selling historic properties should understand the National Register of Historic Places, so as to dispell myths about how the register works. Many clients worry that a property listed on the register must be made available to the public (not true), or that they are not allowed to change anything on the property if it is listed on the register (also not true!). To find out more about the National Register of Historic Places, click here.
Regulatory Authories and Commissions
It is important to determine if a property falls under the supervision of a regulatory authority like a historic district commission. You can find out more about the regulatory bodies that oversee properties in greater Little Rock, by clicking here.
Historic Preservation Tax Credits
One of the advantages of having a property on the National Register is that you may be able to get tax credits for rehabiltiation work. The first step, before any work begins on the property, is to contact the Arkansas Historic Preservaton Program for more information on the historic tax credit process.
If a property is on the National Register of Historic Places and purchasers are interested in getting historic preservation tax credits for rehabilitation work, it may be necessary to hire a historic tax credit consultant to help navigate the process and make decisions on appropriate changes to the property. If you are looking for a historic tax credit consultant, please call us at 501-371-0075 ext. 4 to speak with QQA Executive Director Patricia Blick, or email email@example.com.
National Park service defines a historic preservation easement as “a voluntary legal agreement, typically in the form of a deed, which permanently protects a signifi cant historic property. Since it is a perpetual easement, an owner is assured that the property’s historic character will be preserved. In addition, an owner who donates an historic preservation easement may be eligible for one or more forms of tax benefits.” In Arkansas, easements on historic properties are overseen by the Arkansas Historic Preservation Program. Click here to learn more about historic preservation easements and how they are administered.
You can also learn more about historic preservation easements from the National Park Service here.
To learn more about zoning requirements in greater Little Rock, see the City of Little Rock Planning & Development offices.
The Capitol Zoning District Commission (CZDC) oversees the area around the Govenor’s Mansion and around the Arkansa state capitol building. Essentially, any building in these areas are overseen by the CZDC. CZDC regulates both design and zoning in these areas. There are maps of the areas that fall under their pervue on their website.
Developing Vacant Land
If you are interested in developing vacant lots in Little Rock’s historic neighborhoods you should reach out to the city of Little Rock Planning & Development office to asses whether or not the lot is within a district with an overlay that has special requirements for design review or mass, scale or setback limitations. Youc an contact the city of Little Rock Planning & Development office here or the Capitol Zoning District commission to learn more .
Economic Benefits of Historic Preservation in Arkansas
The economic benefits of historic preservation bring jobs, support small businesses, and is an engine for economic expansion. According to Place Economics, “Every $1,000,000 invested in a historic rehabilitation project generated $708,700 in additional economic activity within Arkansas.” Click here to learn more about how historic preservation impacts Arkansas’s economy.
Training Opporotunities for Realtors or Developers:
- Historic Homes best practices podcast: https://www.nar.realtor/center-for-realtor-development-podcast/best-practices-for-historic-homes-with-tj-pierce-and-michelle-drum
- Technical Preservation Services Training from NPS: https://www.nps.gov/tps/education/online-training.htm
- Main Street America offers training in historic real estate finance and and real estate development finance: https://www.mainstreet.org/howwecanhelp/msai/historicrealestate
- A Historic House Specialist training in New Orleans suggested by members of the NAPC (National Alliance of Preservation Commissions): https://prcno.org/programs/education-and-outreach/historic-house-specialist-seminar-for-real-estate-agents/