Eligible Properties
Properties eligible to receive the credits are those:

• listed in the National Register of Historic Places;
• local historic properties eligible for listing in the National Register;
• contributing to a National Register historic district; or
• contributing to a certified local historic district.

Eligible Projects
Rehabilitation projects must:

• be consistent with the historic character of the property;
• meet the Secretary of the Interior's Standards and Guidelines for Rehabilitation;
• meet the following applicable substantial rehabilitation test:
  
  1. income-producing properties - the cost of the rehabilitation, within a 24-month period, must exceed the adjusted basis of the building or $5,000, whichever is greater;
  2. owner-occupied residential properties - the cost of the rehabilitation must be at least $5,000.
  3. Owner-occupied residential properties are limited to a credit award of $20,000 per application. Another application can be submitted after twenty-four months.