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Page 41 78 The HPO has seen a tremendous growth in the number of applications for income-producing properties , In the first six months of 1998 , 103 applications representing sixty-eight income- producing projects with a total construction cost exceeding $ 49 million were reviewed ) compared to ninety-five applications representing sixty-two projects with a total cost of $ 19 million for all of 1997 . If this rate continues , there will be more than twice the number of rehabilitation projects in 1998 . The increase in construction costs is attributed to larger-scale multimillion-dollar projects . During the first half of 1998 , the HPO has reviewed and consulted on eight proposed projects with estimated rehabilitation costs ranging from $ 1 million to $24 million for a total cost of $42 million . Most of those construction dollars will apply to properties in the Triangle , but the investments also include properties in Wilmington, Fayetteville , Greensboro , and Charlotte , as well as Sanford and Siler City. Four rehabilitation projects in excess of $ 1 million were proposed in 1997 in Woodland (Northampton County) , Garner , Thomasville , and Asheville ; the four projects totaled $ 9 million in construction costs . However, the majority of income-producing projects are smaller in scale and are undertaken by one4im.e "mom and pop " owners and generally involve rehabilitation costs of $250 , 000 or less . Only a certified rehabilitation of a certified historic structure qualifies for the credits . A certified historic structure is defined as a building that is listed either individually in the National Register of Historic Places or as a contributing property in a registered historic district . The rehabilitation of the historic structure must be substantial ; for income-producing properties the rehabilitation expenses must exceed the " adjusted basis" of the building within a twenty-four-month period for single-phase projects or a sixty-month period for multiphased projects , The rehabilitation work must be consistent with the historic character of the building and district and conform to the Secretary of the Interior 's Standards for Rehabilitation. The historic preservation certifications for income-producing properties are obtained through the three-part application process that is subject to a joint review by the HPO and the National Park Service . Final certification authority rests with the National Park Service . Property owners are strongly advised to consult with the HPO before beginning a rehabilitation project to resolve potential design and rehabilitation problems that could result in the denial of the tax credits . The expanded state tax credit makes the rehabilitation of historic properties in downtown business districts , residential neighborhoods , and urban and rural landmarks throughout North Carolina more attractive than ever before by providing one of the nation' s best financial incentives to owners who sensitively rehabilitate income-producing historic structures . For further information regarding the program , write to Tim E . Simmons , AIA , senior preservation architect/tay, credit coordinator , Restoration Branch , State Historic Preservation Office , North Carolina Division of Archives and History, 109 East Jones Street , Raleigh , NC 27601 -2807 ; or telephone 919 / 733 - 6547 , - Tim E. Simmons, AIA