Commercial developers are lining up to take advantage of the recently passed NYS historic rehab tax credit benefits. But the law also provides benefits to individual owners of certified historic homes or commercial buildings for a portion of the costs of approved historic rehabilitations. Rehabilitation work on historic residential structures may qualify for a tax credit of 20 percent of qualified rehabilitation costs of structures, up to a credit value of $50,000.
Architect/Developer Clinton Brown, AIA, along with many others, worked behind the scenes to help shape the Hoyt Valesky Historic Rehabilitation Tax Credit bill. He passed along information released by the State Historic Preservation Office (SHPO) detailing the promising new program. Below are the basic requirements:
A "Qualified Historic Home" Must Be:
• An owner-occupied residential structure (includes condominiums and cooperatives);
• Listed on the State or National Register of Historic Places either individually or as a contributing building in a historic district; and,
• Located in a Federal Census Tract that is at 100% or below the State Family Median Income level or identified as a Qualified Census Tract (QCT) Section 143 (J) of the Internal Revenue Code or in an area designated as an Area of Chronic Economic Distress.
The Applicant Must Be:
• A New York State taxpayer;
• The applicant must also be the owner of a "qualified historic home," as defined above; or,
• An applicant may be the purchaser of a "qualified historic home." To meet this qualification, the taxpayer must be the first buyer of a qualified historic home after it has been substantially rehabilitated by the seller and certified as meeting the established requirements. The purchase must occur within five years of the certification of completed work and the seller must not have already taken the tax credit.
The Project Must:
• Spend at least 5 percent of the total on the exterior work;
• Receive preliminary approval from SHPO staff; and,
• Be completed after January 1, 2010.
Project Review:
SHPO staff review proposed work according to the Secretary of the Interior's Standards for Rehabilitation and help property owners determine the best approaches to rehabilitation objectives. In general, projects should strive to retain and repair original, historic materials.
Typical work that qualifies for the credit includes repairs to:
• Chimneys, stairs (interior and exterior) roofs;
• Components of central air conditioning or heating systems, plumbing and plumbing fixtures, electrical wiring and lighting fixtures; and,
• Elevators, sprinkler systems, fire escapes and other components related to the operation or maintenance of the building.
Projects such as landscaping, fencing, additions or other work outside the historic building generally do not qualify.
According to Commissioner of the Office of Parks, Recreation and Historic Preservation Carol Ash, "The new law will make the Historic Preservation Tax Credit more effective in aiding the unique cities, towns and villages that define much of New York's history and culture - and will do so in an environmentally sound manner by reusing existing resources."
Assemblyman Sam Hoyt agrees saying, "This law will result in significant investment in our struggling Upstate cities, both in the downtowns and the neighborhoods. Buffalo, with her great inventory of historic buildings, will likely benefit more than any other city. In addition to restoring our historic buildings, this bill will create real jobs, revitalize our downtowns and stabilize our neighborhoods."
"We have every reason to believe that the New York State Preservation Tax Credit will prove one of the most effective economic and community development programs in the State," says Jay DiLorenzo, President of the Preservation League of New York State.
To find out if a property qualifies and to get an application, visit SHPO's website or call, 518.237.8643
Quick stop the demolitions!!!!
So is it me or would someone like to a list of historic neighborhoods and a map with shaded boundaries.
So it is me or should we be creating additional historic districts of our pre-depression (1929)housing stock.
To me everything between Niagara and Main (from downtown to BlackRock), plus cold hamlin, cold springs, masten and the area surrounding Humboldt Park, larkin district and of course south buffalo encompass our historic districts.
To me the majority of the outer harbor, inner harbor, first ward, I-190 to the Kensington is non-historic district (except for random buildings worth saving but by far the entire swath cannot be restored intact there simply isnt enough there).