Preserving the Past: Effective Strategies for Funding Historic Property Maintenance

Some people enjoy a good breakfast. Some people enjoy the ritual of getting ready for work. And some people, especially those in Museum leadership, learn to enjoy the sounds of a plumber when they check the corroded gas pipes and tell you what it will cost to replace them. Undoubtedly, historic property maintenance is not for the faint of heart.

Historic properties are treasures that tell the stories of our past. Managing them, however, can be a challenge due to the costs involved.

Historical Commission Medallion at the Heard-Craig Center

From regular upkeep to extensive renovation, securing funding is essential for ensuring that historic and landmark properties remain vital for future generations. Here are a few of the strategies that have served us well over the years:

Grants

Many government agencies offer grants specifically for the preservation of historic properties. Research local, state, and federal grant opportunities such as the National Trust for Historic Preservation (www.savingplaces.org), the Texas State Historic Preservation Office (www.tspb.texas.gov), and local entities such as the McKinney Community Development Corporation (MCDC)(www.mckinneycdc.org).

Tax Incentives

Tax incentives can alleviate the financial burden of maintaining a historic property. There may be Federal Historic Tax Credits available (20% for the rehabilitation of certified historic buildings) or may be State and local tax credits available for preservation efforts. Any tax professional will be able to outline the credits that might be available to you.

Crowdfunding Campaigns

Crowdfunding has become a great tool for raising needed funds for preservation or for expansion. Kickstarter and GoFundMe are two of the most popular because they allow you to reach a wide audience.

Sponsorships and Partnerships

Local business collaboration can provide either monetary or in-kind support for programming efforts. Some corporations provide sponsorship opportunities in exchange for advertising or recognition and some non-corporate partnerships (schools, cultural centers, galleries, historical societies, coffee shops) will collaborate on joint fundraising efforts.

Volunteer Support

Engaging the community through volunteer opportunities can reduce maintenance costs considerably. Create a volunteer program that focuses on cleaning and upkeep, landscaping, and most importantly, restoration. There are many woodworking groups, foundation companies, roofing companies, etc. who have, as part of their mission, the goal of giving back to the community (their own corporate philanthropy) and so they are happy to assist with projects or will assist with guidance for projects. Getting them involved early in your historic property's renovation or repair will be a bonus.

Volunteer Team at the Heard-Craig Center for the Arts

Conclusion

Funding the maintenance of historic properties requires creativity, community involvement, and strategic planning. By exploring various funding sources from grants, tax incentives, crowdfunding, and partnerships, you can ensure that these important historical properties are preserved for generations to come.

The preservation of history is about maintaining buildings and about preserving the stories they illuminate. With the right approach, you can secure the necessary funds to keep the historical conversation vibrant in your community.

For more information about funding non-profit historical properties, contact your local City preservation office.