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The Preservation League of New York State. Overview of NYS Incentives: The existing NYS Rehabilitation Tax Credit programs (2006). IPED/Using Tax Credits in New York City New York, New York June 24, 2009. Federal Rehabilitation Tax Credit Use in NYS: 1997-2005.

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Overview of NYS Incentives: The existing NYS Rehabilitation Tax Credit programs (2006)

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The Preservation League of New York State

Overview of NYS Incentives:The existing NYS Rehabilitation Tax Credit programs (2006)

IPED/Using Tax Credits in New York City

New York, New York

June 24, 2009


Federal Rehabilitation Tax Credit Use in NYS: 1997-2005

An assessment of federal Rehabilitation Tax Credit use in New York State reveals:

  • Of the nearly $320 million in federal rehabilitation tax credits allocated to New York State projects, approximately $280 million were allocated to projects in New York City and the Boroughs.

  • Of the $40 million in federal rehabilitation credits allocated to projects outside of New York City, only $12 million were allocated to projects north and west of the Capital Region.


NYS Rehabilitation Tax Credit AdvocacyLegislative History

1997 – 2005

Advocacy for state credit for residential rehabilitation.

2006

Commercial/residential credit programs established in NYS

2007-2009

Advocacy to promote program expansion to address incentives levels and more effective targeting


Existing Rehabilitation Tax Credit:Chapter 547 of the Laws of 2006


NYS Rehabilitation Tax Credit:Commercial Rehabilitation Tax Credit Program

  • Available statewide – no targeting provisions

  • National Register-listed structure used for commercial

    (income-producing) purposes

  • Requires use of the federal rehabilitation tax credit (20% of qualified rehabilitation costs)

  • NYS Credit value equal to 30% of federal credit value (net 6.0% new financing)

  • $100,000 cap on qualified rehabilitation costs

  • Credit cannot be assigned, transferred, or sold


NYS Rehabilitation Tax Credit:Residential Rehabilitation Tax Credit Program

  • State or National Register-listed, owner-occupied residential structures

  • Structures must be located in “ultra-distressed” census tracts (70% of the population is at or below 80% SMFI)

  • NYS Credit value equal to 20% of qualified rehabilitation costs

  • $25,000 cap on qualified rehabilitation costs per structure

  • Estimated to serve only 4100 homes statewide

  • 9 applications to date, 8 projects authorized for tax credit use


City of New York - North:

Eligible Historic Districts and Landmarks, Residential Program, Chapter 547

Bronx: 140 census tracts

Brooklyn: 120 census tracts

New York: 59 census tracts

Queens: 13 census tracts

Staten Is.: 3 census tracts


NYS Rehabilitation Tax CreditChapter 547, Laws of 2006

Established a NYS Income Tax Credit for rehabilitation of both

commercial and residential historic properties.

Administered by the NY State Historic Preservation Office (SHPO):

  • Commercial Rehabilitation Program:

    NYS SHPO Technical Assistance regional staff at this link: http://nysparks.state.ny.us/shpo/state/ap.htm

  • Residential Rehabilitation Program:

    NYS SHPO Staff: Sloane Bullough 518-237-8643 x3252


Expanded Rehabilitation Tax Credit:Commercial Property Program


  • Daniel Mackay

    Director of Public Policy

    Preservation League of New York State

    dmackay@preservenys.org

    www.preservenys.org

    518-462-5658 x18


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