Buffalo would be a much different place today if it were not for Historic Tax Credits. Developer Rocco Termini would not have been able to accomplish many of his major projects without the incentive. Developer Jake Schneider recently declared that his recent projects would not have been possible without the aid. Last Friday I sat down with another developer (who shall remain nameless for now) who is currently in the process of developing an “out of the blue” development that he said he would not even be considering it it weren’t for the tax credits.
If Buffalo developers did not have access to tax credits, we would immediately see a stagnation when it comes to redeveloping out historic building stock. It was Dana Saylor-Furman, Principal at Old Time Roots Historic Research Services, who passed along that there is chance to thwart ongoing potential threat* to the Federal preservation tax credit, while at the same time there is a chance to enhance the benefits of the tax credit. Supporters must make their voices heard at this time.
“[This] is one of the few government tax credit programs that actually pays back dividends to taxpayers, in the form of more skilled jobs and economic development benefits that come from having intact historic districts and structures, among other benefits,” wrote Dana. “Hotel Lafayette would not have been revitalized by Rocco Termini without this credit, and numerous other regional projects that have changed the game in our cities. Please reach out to our elected representatives at the federal level and ensure they have your support and encouragement about retaining the tax credit. The firm Place Economics has a number of excellent publications on the economics of historic preservation (see the PDF).”
Ask your representatives to co-sponsor H.R. 5655, the Creating American Prosperity through Preservation (“CAPP”) Act. Send the message by clicking here.
*The bill’s introduction is an especially important milestone considering a tax reform plan put forth by House Ways and Means Chairman Dave Camp (R-Mich.) last February that called for eliminating the tax credit. – Thomas J. Cassidy, Jr. Vice President, Government Relations & Policy – National Trust for Historic Preservation
Photo: Mike Puma – Hotel @ The Lafayette