LOCAL PRESERVATIONSISTS ARE BEHIND BILL; SUPPORT BUILDS IN BOTH HOUSES FOR TAX CREDIT BILL

Two of Jackson's leading proponents of historic preservation staunchly support the Historic Homeowner Assistance Act, now facing action in both houses of Congress.

The act would establish an income tax credit (up to 20 percent of the cost of rehabilitation) for homeowners who rehabilitate or purchase newly rehabilitated historic homes as their primary residences. Homeowners without sufficient tax liability could use the credits to make a smaller down payment on a home mortgage or lower the mortgage rate on their home.

Eligible properties include those listed in the National Register of Historic Places or contributing structures within certified federal, state or local historic districts.

"I would absolutely be an advocate for it," said Vicki Abernathy a member of the Jackson Heritage Association Board of directors and the city's Planning & Zoning Commission. "I'm sure others would be, too. "I think that anybody that has any sense of preservation at all would be behind it."

"I think it would be a benefit to a lot of people," agreed Kevin Schearf, who restored his circa 1890 home, along with his wife, Debbie. "It would have sure helped us a lot. Restoring a house is a lot of work. You need to get all the help you can. This would be very beneficial."

The National Trust for Historic Preservation has called on Missouri Sens. John Ashcroft and Kit Bond to act quickly and co-sponsor the Historic Homeownership Assistance Act (HR1172/S664) which has drawn strong bipartisan support and would aid homeowners in Missouri's 213 historic districts. The National Trust said passage would honor the memory of the late John Chafee, who introduced the act. More than half the U.S. House of Representatives and much of the U.S. Senate have signed onto the "Chafee Bill" as co-sponsors. Fifteen states have similar legislation.

Under current law, a 20 percent federal tax credit is available for the restoration or rehabilitation of historic buildings that will be used for income-producing purposes (including rental housing). Until now, no such federal tax credit has been available for residential rehabilitation projects.

Missouri is already considered one of the best states for historic restoration projects. The state has a 25 percent tax credit -- which can be bought or sold or stretched over a number of years -- that can be used for either commercial or residential dwellings. If the pending legislation passes, a qualified Missouri homeowner could get up to 45 percent of the expense of restoration back in tax credits.

Eligible properties include those listed in the National Register of Historic Places or contributing structures within certified federal, state or local historic districts. An estimated one million homes nationally stand to benefit, more than half in census tracts with poverty rates of 20 percent or higher. One does exist for commercial building owners.

"The legislation would make home ownership easier for people of diverse income levels and could become a major weapon in the fight against suburban sprawl and urban disinvestment," said Gordon Kerr, the National Trust's director of congressional relations. "In his last public address, the late Sen. John Chafee said passage of the legislation was the one thing he wanted to see this Congress get done. The Congress can -- and should -- heed his call and honor his memory by enacting the 'Chafee Bill' this fall. Bringing back historic neighborhoods can be a keystone of a successful national urban revitalization strategy."

The Historic Homeownership Assistance Act is sponsored by E. Clay Shaw, Jr. (R-Fla.) and John Lewis (D-GA) in the House and Lincoln Chafee (R-RI) and Bob Graham (D-Fla.) in the Senate.

"This would still benefit us," Schearf said. "We've done things as money allowed. There are still several projects we would like to do. This would certainly help. It would be nice for a lot of people."

Abernathy would love to see the passage of such a bill spark a renewed interest in local preservation.

"If we're not careful we're going to become a city of parking lots and storage sheds," she said.