What are the benefits and responsibilities of owning a property with a local historic designation?

A benefit of owning property in a local historic district is there are requirements in place that manage change to properties, so that any new or additional development has to fit with the existing neighborhood, according to the adopted design standards. It creates some certainty. There is often a public hearing for proposed changes so the neighborhood can be informed on what is being proposed and can comment on new development. 

The responsibility to comply with the design standards and get the required approvals is also applied to the neighborhood, with the expectation that exterior changes, additions and new construction will meet the adopted standards. When you have put a lot of investment into a historic property, this is a way to ensure that investment can be maintained after the property changes owners.

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1. What is historic preservation and why is it needed?
2. What does NOT go into a historic preservation plan?
3. What is a Heritage and Historic Preservation Plan?
4. What are different types of historic designations and which ones include regulations/oversight?
5. What types of information are typically included in a historic preservation ordinance? How can communities shape an ordinance to meet their needs?
6. What are the benefits and responsibilities of owning a property with a local historic designation?
7. What is a typical process for making changes to a property with a local historic designation?
8. What are the alternatives to historic districts, if a neighborhood wants to manage changes and new construction?