In order to get the 20% Federal Historic Tax Credit and/or the 25% State Historic Tax Credit, a property must be income generating. The A.N. Myers Home qualified by bringing in at least $26,000 a year. In order to use the tax credit, still be an income generating property, and bring the home's interior back to its Victorian roots, I would have left almost the entire second floor and attic space as rental apartments and focused on the main floor. The original floor plan could have been laid out with changes to accommodate the needs of the Ashland County Historical Society. Custom woodwork would have mimicked the style of the home. The main staircase would have been rebuilt. I would make sure that the apartments in the upper floors would not have access the main floor and basement. The apartments on the upper floors would only get the rehab needed for short term, with a goal that in ten years the apartments would be taken out and restoration would continue on the upper floors. This would allow time for the exterior, main floor and basement costs to be paid off. Tomorrow, let’s talk more about money.
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