Conservancy Co-sponsors Free Workshop on Newly-Expanded NY State Rehabilitation Tax Credit
Conservancy Public Policy Director Andrea Goldwyn addresses workshop attendees
Dozens of people joined the Preservation League of New York State, the New York Landmarks Conservancy, the Municipal Art Society, and the Historic Districts Council on Thursday, May 6 at the Arsenal, Central Park, to learn how the newly-expanded New York State Rehabilitation Tax Credit could benefit New York City residents and their neighborhoods.
The free workshop featured guidance on how New York City residents could receive the credit for their capital repair projects, including income and geographic criteria, and how to be listed on the National Register of Historic Places.
Speakers included Steven Weiss, Founding Partner, Cannon Heyman & Weiss, LLP and Erin Tobin, Eastern Regional Director, Technical and Grant Programs, Preservation League of NYS.
The New York State Historic Residential Properties Tax Credit Program will cover 20 percent of qualified rehabilitation expenditures of owner-occupied historic houses, up to a credit value of $50,000. The New York State Historic Commercial Properties Tax Credit will cover up to 20 percent of qualified rehabilitation expenditures up to a credit value of $5 million. The commercial credit is combined with a federal historic preservation tax credit that offers an additional 20 percent credit for funds spent on preservation work
The incentive program for rehabilitation of income-producing historic properties was introduced at the federal level in 1976. Since that time, the program has helped finance over 36,000 projects across the country, leveraging $55.51 billion dollars in private investment. It has created or rehabilitated over 400,000 housing units, over 100,000 of which are for low-to-moderate housing. New York has traditionally fared the best in terms of the federal program. In 2009, property owners in New York State received $32 million dollars for rehabilitation projects that totaled in excess of $160 million.
The tax credit program, administered by the National Park Service (NPS) in partnership with the State Historic Preservation Offices (SHPO), is the nation’s most effective Federal program to promote revitalization and encourage private investment in historic building rehabilitation. Since 1977, the tax incentives have spurred the rehabilitation of historic structures of every period, size, style, and type in every state. The incentives have been instrumental in preserving the historic places and have attracted new private investment to historic cores of cities and towns. They also generate jobs, enhance property values, and augment revenues for Federal, state, and local governments.
Nearly half the states in the country have some kind of additional tax incentive. New York State, introduced a program in 2007 that works in tandem with the federal program to produce an even greater incentive for commercial properties, and a separate credit for home-owners. Last year the governor signed a bill expanding the program and it went into effect January 1, 2010.
These programs require that the building be individually listed in the State or National Register of Historic Places, or contribute to a listed historic district. The building must also be located in an eligible census tract, and minimum spending requirements apply.
If you have questions about the program or want to find out if your home or business is eligible, click here or call Sloane Bullough at the New York State Office of Parks, Recreation, and Historic Preservation at 518.237.8643, ext. 3252.
