Homeowners, Realtors, Contractors Invited to Free Newburgh Workshops
Historic Properties Tax Credits provide incentives to purchase, renovate older buildings
ALBANY, NY (04/07/2014)(readMedia)-- Newburgh area 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 two free workshops in Newburgh to help people take advantage of New York's Historic Rehabilitation Tax Credits.
The workshops will be held May 7 at the Newburgh Free Library, 124 Grand Street, 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 Monday, May 5. 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:
- Wednesday, May 7, Newburgh Free Library, 124 Grand Street
- 3:00 – 5:00 p.m. ~ NYS and Federal Rehabilitation Tax Credit for Income-Producing Property
- 6:30 – 8:00 p.m. ~ NYS Historic Homeowner Tax Credit
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 Newburgh Free Library and Newburgh for Newcomers are sponsoring the workshops. Residents of the East End Historic District are especially encouraged to attend. With more than 2,000 eligible resources, the district is among the largest in New York State.
"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 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 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. To make a reservation for either workshop, call the Newburgh Free Library at 845?563?3605 and indicate Commercial or Homeowner.