As part of this year’s state budget agreement, Governor Cuomo and NYS Legislature passed enhancements to the New York State Rehabilitation Tax Credit program.
This legislation increases the credit from 20% to 30% for historic building rehabilitation projects under $2.5 million dollars in size – a project scope and scale that could incentivize the redevelopment of many additional buildings in canal communities. When combined with the federal rehabilitation tax credit, this program now offers a means to cover 50% of the qualified rehabilitation costs.
Since 2011, historic tax credit projects have resulted in the revitalization of more than 1,000 historic properties across New York State, catalyzed by more than $12 billion in private investment. Of the total number projects that have used the programs, more than two-thirds are located upstate.
For the Erie Canal corridor for example, the results include 421 completed projects, totaling $2.4 billion in private investment. From Albany to Buffalo, and numerous smaller communities in between, the canal corridor includes many historic buildings prequalified for this program – more than 215 National Register Districts have been designated across the canal corridor.
Wherever your location, for more details contact the Technical Preservation Services Bureau staff assigned to your county at the New York State Historic Preservation Office.
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