Lafayette, LA – The National Park Service, which manages historical sites, recently designated Lafayette’s Oil Center as a National Register Historic District.
Owners of contributing historic buildings within the boundaries of the new district are eligible to apply for federal and state historic commercial tax credits. Tax credits are intended to assist historic property owners with rehabilitation, maintenance and repair costs. Many rehabilitation projects are eligible for a 20 percent state tax credit and a 20 percent federal tax credit.
The state tax credit requires a minimum qualified expenditure of $10,000. To qualify for federal tax credits, qualified rehabilitation expenses must exceed the value of the historic building.
All projects must be approved before work begins, and all work must be completed according to the Secretary of the Interior's Standards for Rehabilitation. Buildings must be retained for five years to receive the full value of the credit.
About the Lafayette Oil Center and Historic District Specifications
Businessman and philanthropist Maurice Heymann developed the Oil Center in1952 as an office complex for the burgeoning petroleum industry. The new National Register Historic District contains 40 buildings as well as landscaping and a specifically-developed roadway pattern. Of the 40 buildings within the district’s boundaries, 28 buildings contribute to the historic significance of the district along with the historic landscape features and the roadway pattern.
To be considered contributing, buildings must have been built during the Period of Significance (1952-1971), have retained sufficient integrity to be listed in the National Register of Historic Places, and relate to at least one of the National Park Service’s areas of historic significance. The areas of historic significance that helped the Oil
To learn more about historic properties and commercial historic tax credits, contact Staff Liaison to the Preservation Commission Roxana Usner in LCG’s Development and Planning Department at 337-291-7193 or firstname.lastname@example.org.
Stay in touch with us anytime, anywhere.
To reach the newsroom or report a typo/correction, click HERE.
Sign up for newsletters emailed to your inbox. Select from these options: Breaking News, Evening News Headlines, Latest COVID-19 Headlines, Morning News Headlines, Special Offers