Are any of you living in Stuy Heights and in the middle of a reno? Well here’s some good news: the Historic Preservation Office is offering tax credit programs to owners of historic property for rehabilitating their buildings. The credit is intended to target historic districts in distressed areas–those located within a Census tract identified at or below one hundred percent of the median family income. The legislation allowing for these credits was signed by Paterson last year (it’s an extension of a credit that was previously available) and they are supposed to be available until the end of 2014, but it’s probably best to grab ’em sooner rather than later.
From the website:
Federal Investment Tax Credit Program for Income Producing Properties
Owners of income producing real properties listed on the National Register of Historic Places may be eligible for a 20% federal income tax credit for the substantial rehabilitation of historic properties. The final dollar amount is based on the cost of the rehabilitation; in effect, 20% of the rehab costs will be borne by the federal government. The work performed (both interior and exterior) must meet the Secretary of the Interior’s Standards for Rehabilitation and be approved by the National Park Service. For more information, please contact our office or go to our Territorial Map section to find information for the Technical Program Representative for your county.
New York State Tax Credit Program for Income Producing Properties
This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation expenditures up to $5,000,000. In order to qualify, the placed-in-service date must be after January 1, 2010. There is no application form. After Part 1 and Part 2 of the federal application are approved by the National Park Service, The New York State Office of Parks, Recreation, and Historic Preservation will issue a certification form allowing owners to take the state credit.
New York State Historic Homeownership Rehabilitation Tax Credit
Rehabilitation work on historic residential structures may qualify for a tax incentive. The credit will cover 20% of qualified rehabilitation costs of structures, up to a credit value of $50,000.00. Houses must be an owner-occupied residential structure and be individually listed on the State or National Register of Historic Places, or a contributing building in a historic district that is listed on the state or National Register of Historic Places. In addition, the house needs to be located in an eligible census tract. At least $5,000.00 must be expended on qualifying work. At least 5% of the total project must be spent on the exterior of the building. All work must be approved by OPRHP prior to start of construction.
For more information on the NYS Investment Tax Credit programs, including whether or not your property qualifies for either of the NYS Historic Preservation Tax Credit programs, visit the New York State Office of Parks, Recreation and Historic Preservation website or contact Sloane Bullough at The New York State Office of Parks, Recreation and Historic Preservation at 518-237-8643, ext. 3252.
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