State and federal government tax incentives are available for owners of a historic property who carry out a substantial rehabilitation. All properties must be listed in, or eligible for, the National/Georgia Register of Historic Places, either individually or as part of a National /Georgia Register Historic District. Project work must meet the Secretary of the Interior’s/Department of Natural Resources Standards for Rehabilitation (Sec. of Interior - Link  / DNR, PDF ).
* (Update)* On May 12, 2015, Governor Deal signed into law HB 308 . This law, which went into effect January 1, 2016, includes changes to the existing state income tax credit program for rehabilitated historic property (O.C.G.A. 48-7-29.8) that creates two additional categories of projects, subject to an annual cap, and allows for the sale of earned credits.
The additional categories are for large projects completed after January 1, 2017 that (1) qualify for up to $5 million in income tax credits based on total “qualified rehabilitation expenditures” (QRE) and (2) qualify for up to $10 million in income tax credits based on total QREs with additional employment or annual payroll requirements. While projects that do not exceed the existing program $300,000 credit cap for an individual project are not affected, these “large” projects are subject to an annual aggregate program cap of $25 million (no matter the number of projects that apply or whether they are subject to a $5 million or $10 million project cap, only $25 million in credits will be available in a given year).
Georgia HPD has compiled a list of Frequently Asked Questions  regarding HB 308, and changes to the Georgia State Tax Credit Program for Rehabilitated Historic Properties.
The National Trust Community Investment Corporation , a subsidiary of the non-profit National Trust for Historic Preservation, has information on various project financing options. There are also many for-profit limited liability companies (LLCs) that provide consulting services for developers, allowing them to monetize federal and state tax credits, thus creating project equity.
- The Federal Historic Tax Credit: Transforming Communities  (a report commissioned by the National Trust for Historic Preservation that examines the catalytic impact that the rehabilitation of historic buildings has on the community. The report highlights a number of projects that made use of the historic tax credit, including Atlanta's Ponce City Market and Macon's Macon Lofts) - June 2014
- Waynesborough Academy Senior Residences  - February 2012