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Measure aims to rehab historic neighborhoods By YANCEY ROY (Original publication: August 23, 2006) ALBANY — Buried in the slew of bills Gov. George Pataki approved recently was a measure some say could give a face-lift to upstate urban neighborhoods: a tax credit for revamping historic commercial and residential buildings. The tax credits will be available for owner-occupied structures that are on either the state or national historic register and that are located in distressed areas. Owners of residential buildings could receive a credit of 20 percent of rehab costs, up to $25,000. Owners of commercial buildings that qualify could receive a credit of 30 percent, up to $100,000. Proponents said the credits amount to meaningful incentives that could spark neighborhood renewals. A number of cities have significant numbers of qualified housing stock, including Rochester, Binghamton and Elmira, according to the Preservation League of New York State. "These residential homes are oftentimes the real heart and soul of upstate New York cities," said Jay DiLorenzo, Preservation League president. "There's also a broader preservation value. ... It's about community character. It's about keeping a community special." Daniel Mackay, the Preservation League's public policy director, said no properties in the Lower Hudson Valley currently meet both criteria. Though the region has designated historic sites, none are in distressed areas as defined by the U.S. Census. One such community that does meet the criteria is the Susan B. Anthony neighborhood on Rochester's west side. Neighborhood Association president Dawn Noto figured that all 65 residential properties in the quarter could qualify. A handful of them have been sitting vacant, she said, as has part of the old Cunningham carriage factory. "Some of these areas (that are eligible) are not the best areas of the city," Noto said. But the tax credit "could be a spark" and could enable some homeowners to rehab their buildings with upgraded materials, she said. It can, in some cases, be cost prohibitive to refurbish historic buildings. "This is something upstate New York needs in a big way," added Alan Oberst of the Landmark Society of Western New York. The bill bounced around in the state Legislature for several years before winning approval last spring. The primary sponsor, Assemblyman Ron Canestrari, D-Cohoes, Albany County, said some of his colleagues were concerned about the potential hit on the state treasury. That's why lawmakers capped the value of the credit — although Canestrari wanted "a more generous" one. There are roughly 4,100 units that will meet the criteria, according to the Preservation League. Commercial properties aren't limited that way, but must first qualify for the federal tax credit for historic preservation before becoming eligible for the state program. About 30,000 structures could qualify. The state Office of Parks, Recreation and Historic Preservation must now develop the precise qualifications and guidelines; the tax credit program doesn't become effective until Jan. 1. There was no immediate estimate on how much the program could cost. Read article here.
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ALBANY, NY -- August 18, 2006 -- Late Wednesday, Governor George E. Pataki signed New York State's first-ever tax incentives for rehabilitation of historic commercial and residential structures, following legislative passage in late June of a significant new incentive that will encourage the revitalization of historic structures in urban and rural communities throughout New York State. The measure (A.11987 / S. 8392) was sponsored by Assemblymember Ron Canestrari and Senators Vincent Leibell, Frank Padavan, and Catherine Young. "Governor Pataki has long supported the Preservation League's efforts to secure this critical program for communities throughout New York," said Jay DiLorenzo, President of the Preservation League. "The signing of this bill represents his continuing commitment to community revitalization and the role that historic preservation can play in the economic revitalization of downtowns and neighborhoods." The Governor first included a State Income Tax credit incentive for historic preservation in his 2001-02 Executive Budget proposal and continued efforts to secure the program in subsequent budget proposals, including his most recent 2006-07 budget. Under this legislation, State and National Register-listed owner-occupied residential structures in distressed areas are eligible for a New York State Income Tax credit covering 20% of rehabilitation costs, up to a credit value of $25,000. At this time, the program is limited to historic housing stock located in distressed areas. A number of cities already have significant numbers of qualified housing stock, including Newburgh, Albany, Syracuse, Rochester, Buffalo Binghamton, Elmira and NYC. The bill also includes incentives for historic commercial properties. National Register-listed or -eligible commercial properties that qualify for the Federal Rehabilitation Tax Credit would qualify for an additional New York State credit, covering 30% of the federal credit value in such projects, up to a value of $100,000. New York State is a national leader in use of the federal credit, and a state-level incentive will further catalyze federal credit usage and economic and rehabilitation activity. "These two programs will provide meaningful new incentives for downtown and neighborhood renewal for every part of the state," said Daniel Mackay, Director of Public Policy for the Preservation League. "There will also be significant economic benefits -- studies show that rehabilitation spending reinvigorates business districts and neighborhoods, stimulates construction activity, job creation, and tax revenues, and is proven to outpace the economic benefits of new construction in local and regional economies." Upon the Governor's signature, the State Historic Preservation Office (SHPO) in the Office of Parks, Recreation and Historic Preservation (OPRHP) assumes responsibility for implementing the program, which will take effect January 1, 2007. http://www.yonkerstribune.com/modules.php?name=News&file=article&sid=581 Additional News Articles: The President Signs New Easement Legislation 8/17/06 Realizing Financial Benefits of Historic Building Façades 8/06 20% & 10% Historic Rehabilitation Tax Credit Overview
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