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

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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