The Ashland County Historical Society owned the A.N. Myers Home for 10 years before deciding to tear it down. It was purchased when Scott Brown was president of the Society and wanted to preserve the home from the potential of razing the house for a Elk's Lodge parking lot. During those ten years, the Ashland County Historicial Society rented out at least four appartments as well as office space for a doctor. This tells me several things. First, the space couldn't have been such a hazard as described, otherwise a doctor would not have practiced in the building. Second, it provided income to the Ashland County Historical Society. I don't have the numbers but averaging even $400 a month for four appartments and $600 a month for a doctor's office, that would have been $26,000 in rental income a year or $264,000 over ten years. As I have mentioned in previous blog postings, tax credits of %20 are available for income generating buildings on the National Register of Historic Places. The tax credits are like bonds and can be sold. So, nonprofit organizations can take advantage of the tax credits as well! One catch to the tax credits is that the property can not be sold for I believe five years and it must remain the income generating property. Apply this knowledge to the A.N. Myers Home.
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