So far, no one has officially applied for the Community Revitalization Tax Relief Incentive program, which grants tax relief to those who would revamp antiquated or debilitated buildings in the Village District, an area designated by Hooksett Town Council in November.

The program, outlined in state law, offers a tax incentive to those who would substantially restore a structure within the district for public benefit. The law’s purpose is to encourage the use of old and unused buildings in town and cities across the state.

A building restoration qualifies for the tax incentive if the improvements will benefit the town historically or economically. Along with the application, interested parties would also submit in writing a promise to maintain the building and its use.

One condition for applying is the improvements on the building account for 15 percent or $75,000, whichever is the lowest figure, of the building’s value at the time of application.

For five years after the restoration is complete, the owner would pay taxes only on what the value of the building was valued at prior to the improvements.

At the end of five years, the owner would have to pay taxes based on the updated assessed value of the building after restoration.

According to the law, the council can grant extensions beyond that five years in certain cases. Buildings that incorporate new housing units, particularly affordable housing, and those listed on the National Register of Historic Places would qualify for those extensions.

A public hearing to determine a building’s qualifications for the tax relief would occur no more than 60 days after the application was turned in. The Town Council would have to make a final decision on the building.

Kathie Northrup, head of the Hooksett Heritage Commission, pushed the council’s adoption of the state law through at a series of meetings in the past few months. Councilors adopted the law in October and then approved the district’s boundaries in November.

Northrup said the program is intended to promote economic development and historical preservation while at the same time managing sprawl, a central point in discussions around the community.

“I don’t think this tax incentive is going to induce someone to do it if they’re not already going to do it anyway,” said Northrup. “It’s just a little carrot to help them along.”

She added the district’s location, centered around the Village neighborhood and town offices, was selected for its large concentration of old buildings.

Hooksett is one of only four towns in the state to adopt the statute, the others being Manchester, Pittsfield and Berlin.

Northrup said she knows of about half a dozen other towns who are in the adoption process right now.

Copies of the application, map, and statute outlining the qualifying conditions can be picked up at the town administrator’s office.