Free Workshops on Historic Rehabilitation Tax Credits

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Owners of properties like these on Grand Street in Troy would be eligible to apply for tax credits for repairs they make on their historic homes.

ALBANY, NY (10/18/2013)(readMedia)-- Capital Region homeowners, commercial property owners, realtors, contractors, and community leaders are invited to attend a meeting to find out how to save money while making repairs to older buildings.

The Preservation League of New York State and the New York State Office of Parks, Recreation and Historic Preservation will present a series of free workshops in Troy and Albany to help people take advantage of New York's Historic Rehabilitation Tax Credits. Historic Albany Foundation is sponsoring the Albany workshop with additional support from the Downtown Albany Business Improvement District, the University Club Foundation, Assemblymember Patricia Fahy and Assemblymember John McDonald. The City of Troy Planning Commission is sponsoring the Troy workshop, with additional support from TAP, Inc. (Troy Architectural Project), the Downtown Troy Business Improvement District, the Rensselaer County Historical Society, Hudson Mohawk Industrial Gateway, Troy Rehabilitation and Improvement Program, and Assemblymember John McDonald. The workshops are expected to draw participants from around the region.

The workshops will be held November 13 and 14, and each will be tailored to a particular audience. People may attend more than one workshop, but seating is limited and reservations are required by close of business on Friday, November 8.

During the workshops, staff from the State Historic Preservation Office will review the basic guidelines of the program and answer questions about the application process. The workshop schedule is as follows:

• Wednesday, November 13, Troy – Rensselaer County Historical Society, 57 Second Street, Troy
  • 2:00 – 4:00 p.m. ~ NYS and Federal Rehabilitation Tax Credit for Income-Producing Property
  • 5:00 – 6:30 p.m. ~ NYS Historic Homeowner Tax Credit
• Thursday, November 14 ~ University Club of Albany, 141 Washington Avenue at Dove Street
  • 2:00 – 4:00 p.m. ~ NYS and Federal Rehabilitation Tax Credit for Income-Producing Property
  • 5:00 – 6:30 p.m. ~ NYS Historic Homeowner Tax Credit
  • 6:30 – 7:30 p.m. ~ Reception

Following the Homeowner Tax Credit workshop in Albany on Thursday, participants are invited to stay and talk with local residents who have used the tax credit program. The reception will feature light snacks and a cash bar, and property owners will bring before and after photos of their projects and discuss the process of preparing for and using the New York State Homeowner Tax Credits.

The New York State Historic Homeowner Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000. The NYS Historic Commercial Properties Tax Credit will cover up to 20% of qualified rehabilitation costs up to a credit value of $5 million. The 20% Federal Historic Preservation Commercial Tax Credit can be combined with the NYS Historic Commercial Tax Credit to cover 40% of qualified rehabilitation expenditures.

"This is the perfect time to finally fix that leaking roof, or replace an inefficient furnace," said Jay DiLorenzo, president of the Preservation League of New York State. "This tax credit can help homeowners provide safer and healthier homes for their families, and protect their investments for generations to come."

"More and more homeowners are discovering how the Historic Homeowner Tax Credit is a cost-effective way to improve their properties," said Rose Harvey, Commissioner of the Office of Parks, Recreation and Historic Preservation. "What's more, the tax credit is an effective economic development tool – providing an incentive to invest in older homes, stabilizing neighborhoods and creating local jobs for skilled trades-people."

This program requires that the building be individually listed in the State or National Register of Historic Places, or in a listed historic district. For the NYS historic tax credits, the building must be located in a qualifying census tract, and must meet the spending thresholds for each program, $5,000 for the NYS Historic Homeowner and $100,000 or 100% of the property's adjusted basis for the NYS and Federal Commercial credit.

To find out if a property is eligible, please visit http://nysparks.com/shpo/tax-credit-programs/ or contact Sloane Bullough at the New York State Office of Parks, Recreation and Historic Preservation at 518-237-8643, ext. 3252. Eligibility information will also be available at the workshop.

To make a reservation for either workshop, call the Preservation League at 518-462-5658 x13 or email slaclair@preservenys.org and indicate Troy or Albany, and Commercial or Homeowner.