Historic Homeownership Tax Credit Extension in Amended Executive Budget

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Owners of homes like these in the Fargo Estate neighborhood on Buffalo's west side would be eligible for the New York State Rehabilitation Tax Credit under the amended Executive Budget.

ALBANY, NY (02/13/2013)(readMedia)-- "The Preservation League and owners of older homes across New York State are delighted that Governor Cuomo has extended the availability of the enhanced Historic Homeownership Tax Credit," said Jay DiLorenzo, President of the Preservation League of New York State. "This program will continue to foster historic preservation efforts and private investment in neighborhoods in urban and rural communities alike."

Governor Cuomo's commitment to an extension of the full New York State Rehabilitation Tax Credit program ensures that homeowners in distressed census tracts will be able to take advantage of tax credits on repairs to their older homes through 2019. The extension was proposed in the Governor's 21-day amendments to the Executive Budget, released Tuesday. Extension and enhancement of the state tax credit for historic commercial properties was included in the initial Executive Budget proposal.

Since 2010, the Historic Homeownership Rehabilitation Tax Credit program has leveraged over $21.6 million in private reinvestment in owner-occupied homes in 58 municipalities across 39 counties. Direct results include increased sales tax revenues, sustained employment of local contractors, and higher property values.