City August 17, 2009 8:00 AM

NYS Historic Preservation Tax Credits at Work: Putting a Face on the Projects

NYS Historic Preservation Tax Credits at Work: Putting a Face on the Projects
Elena Cala Buscarino
Elena Cala Buscarino 7
In an effort to get tax credits from the Hoyt Valesky Historic Rehabilitation Tax Credit bill into the hands of homeowners and developers, the New York State Historic Preservation Office has created two soon-to-be-published brochures, one for homeowners, and another for commercial properties.

Signed recently by Governor David Paterson, the bill will provide a portion of rehabilitation cost for the preservation of historically significant buildings.  According to local architect, Clint Brown, developer of The Cooperage*, in a Buffalo News editorial, the effects of rehabilitation go far beyond the rehabilitation of buildings.

Local developer Rocco Termini says that tax credits "are a way of filling the gap when you're looking for ways to finance projects like this."

As an FYI, here are some local projects that used tax credits in the past:

The Church at Babeville

The Packard Building

The Webb Building

The Warehouse Lofts

Artspace

The Oak School Lofts

The Washington Market

The Allentown Lofts

The Pierce Building

 

And upcoming projects:

AM&A's

128 Cherry Street

ECC Dorms

The Kamman Building- 755 Seneca Street (pending)

The Lake Hotel (pending)

The Statler (pending filing)

Brown states: "If we take advantage of this opportunity, the results will be dramatic. We will see increased jobs for construction workers of all skill levels, from the hometown handyman to the high-rise steel walker.

Historic property rehabilitations will attract significant reinvestment to walkable historic neighborhoods as well as centers of high culture. We will see revitalized local economies, slowed spread of sprawl and a healthier, more sustainable environment.

In fact, this pioneering policy has such rich potential that those of us who have been most intimately involved in its creation will need time to explore its full power for civic revitalization."

Until the brochures are released, interested parties can go to the Historic Preservation site for information and assistance in applying for tax credits based on their own properties, along with viewing those properties already on the National Register of Historic Places.

The Cooperage is now leasing.  Top image: The Cooperage in 2008, see site for plans and updates.

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7 Comments Leave a comment
majove
August 17, 2009 8:51 AM
majove

I'll be waiting for my brochure!

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Allentwnguy
August 17, 2009 12:05 PM
Allentwnguy

I've had trouble finding out if Allentown is considered, a "distressed" census tract. It seems to me that this is a tax break aimed at the "big buck" developer (their available limit went from 100,000 to 5 mil. while the homeowner limit went from 25,000 to 50,000) I don't see much (so far) aimed at the average homeowner that lives in a historical neighborhood. Taxes and fee's are going up and up as well as the cost of maintenance. I'm tapped out at this point and I am only doing things to stabilize and maintain the building. Forget the new roof, painting and repairs that aren't damaging the building.

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WCPerspective
August 17, 2009 12:33 PM
WCPerspective

I was wondering the same thing and couldn't find an official list or map online. According to Clint Brown:

"All of Allentown and most of Buffalo and urban and rural upstate are in distressed tracts."

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Allentwnguy
August 17, 2009 2:41 PM
Allentwnguy

Well that's a little more on the positive side. But I would like to see in in writing before I plan any big repairs. And even then I'd have to scrape up some money somewhere!

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QueenCity
August 17, 2009 1:34 PM
QueenCity

Odd, the cooperage in the above picture doesnt look like the cooperate in the other pictures?

I wonder if its from the other side? looks like a cool building.

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brownteeth
August 17, 2009 4:14 PM
brownteeth

How exactly do tax credits work for a homeowner? Would I get a check in that amount or does it come off my income taxes? If it comes off my taxes what does that translate into actual dollar amounts that I save in the end? That may be too complicated to answer in a blog but I think I qualify and would like a better explanation of what exactly I could save or recoup.

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WCPerspective
August 17, 2009 5:11 PM
WCPerspective

From SHPO- Can I qualify for a Refund in addition to the Tax Credit?

You may. If the allowable credit exceeds your tax for the year and your adjusted gross income is under $60,000, the excess will be treated as an overpayment of tax to be credited or refunded.

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