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

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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  1. 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

  2. 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.

  3. 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

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

  5. 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

  6. 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

  7. 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

  8. 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

  9. Expanded Rehabilitation Tax Credit:Commercial Property Program

  10. 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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