Preservation easements are a wonderful preservation tool
if used properly.  The National Architectural Trust was operating
in such a way as to attract the attention of the Washington Post
(looking for a sequel to their expose of the Nature Conservancy).
Congress is looking at tightening up the rules.

You should look for a recipient organization in your state
(where the property is located) that will be around for a long time
and is committed to monitoring the maintenance of the property
and building a litigation reserve fund.  Your client needs to get
an appraisal of the value of the easement; this may require
a specialized appraiser.

The Landmarks Preservation Council of Illinois (of which I am
a board member) holds preservation easements on hundreds
of properties, including FLW's Unity Temple, the
LHS/FLW Charnley-Persky House and dozens of other
Gold Coast houses, many estates in Lake Forest, etc etc.
(and my own house)
LPCI becomes a part owner of the property, and this
is another layer of long-term protection over and above
whatever landmark designation the property
may or may not be constrained by.

At the same time, the donation is so beneficial to the donor
(the owner of the property, who gives the easement)
as an income-tax deduction
that LPCI can require an additional donation in cash
which is used not only to fund monitoring and legal reserves
but also to generate grants for preservation projects.
Both Unity Temple and HHR's Glessner House
have been beneficiaries of six-figure grants from this source.

If you have qualms, LPCI can probably refer you to
a qualified organization in your area.
www.landmarks.org
(search for Easements)
The website also has much more information than I am
giving here off the top of my head.
LPCI has been a leader in a national coalition of
preservation organizations that are watching Congress closely
to try to insure that this national program is not
put in jeopardy because of a few localized abuses.

>Date:    Tue, 20 Sep 2005 11:57:49 EDT
>From:    [log in to unmask]
>Subject: Re: National Architectural Trust
>
>BPoids -
>
>A client recently inquired about acquiring a tax deduction by getting a
>conservation easement for the facade of his NYC house. I seem to recall that  this
>program is a scam which nets a good deal of money up front for  the NAT, and
>questionable amounts for the client,. plus possible IRS  pencil-necks
>breathing down his back in the future. Has anyone heard  similar issues with this
>program?
>
>$Twybil$

Martin C. Tangora
University of Illinois at Chicago
[log in to unmask]

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