Help is Available for Owners of Older Buildings in the Southern Tier

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Owners of buildings like these in the Southern Tier may be eligible for Rehabilitation Tax Credits for approved work on their historic buildings.

• Owners of buildings like these in the Southern Tier may be eligible for Rehabilitation Tax Credits for approved work on their historic buildings.
• Owners of buildings like these in the Southern Tier may be eligible for Rehabilitation Tax Credits for approved work on their historic buildings.

ALBANY, NY (09/06/2017) (readMedia)-- Southern Tier 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 late September to help people take advantage of New York's Historic Rehabilitation Tax Credits.

Six workshops will be held in three communities on September 26, 27 and 28, and each will be tailored to a particular audience. People may attend more than one workshop, but seating is limited and reservations are required. During the workshops, staff from the State Historic Preservation Office will review the basic guidelines of the program and answer questions on the application process. The workshop schedule is as follows:

• Norwich, Chenango County, Tuesday, September 26th
  Commerce Chenango, 15 South Broad Street, Norwich, NY 13815
  Co-sponsors: Commerce Chenango; Chenango County Historical Society
  • Commercial Program, 3:00 – 5:00 p.m.
  • Homeowner Program, 6:00 – 8:00 p.m.
• Elmira, Chemung County, Wednesday, September 27th
  Park Church, 208 West Gray Street, Elmira, NY 14901
  Co-Sponsors: City of Elmira; Historic Elmira; Chemung County Historical Society; the Office of Senator Thomas F. O'Mara; Near Westside Neighborhood Association
  • Commercial Program, 3:00 – 5:00 p.m.
  • Homeowner Program, 6:00 – 8:00 p.m.
• Binghamton, Broome County, Thursday, September 28th
  Phelps Mansion Museum, 191 Court Street, Binghamton NY 13901
  Co-Sponsors: City of Binghamton; Broome County Historical Society; Preservation Association of the Southern Tier; Binghamton Economic Development
  • Commercial Program, 3:00 – 5:00 p.m.
  • Homeowner Program, 6:00 – 8:00 p.m.

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.

The Preservation League of New York State is presenting the workshops in partnership with the New York State Office of Parks, Recreation and Historic Preservation, with additional support from the Community Foundation of Elmira-Corning & the Finger Lakes; Corning Incorporated Foundation; and Johnson-Schmidt & Associates, Architects.

"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 commercial investments for years to come."

"More and more property owners are discovering how the Historic Tax Credits are 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 structures, 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 a contributing building 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.

The workshops are free and open to the public and refreshments will be served. To make a reservation for any workshop, visit the League's website at www.preservenys.org or contact Frances Gubler at 518-462-5658 x17 or fgubler@preservenys.org and indicate Commercial or Homeowner.