Newburgh - Free Info Session on Preservation Tax Credits
Commercial - 3:00 - 5:00 p.m.
Homeowner - 6:30 - 8:30 p.m.
Commercial property owners, realtors, contractors, community leaders and homeowners are invited to attend a workshop 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 Tax Credits.
The workshops will be held Thursday, June 28 at Washington’s Headquarters State Historic Site, 84 Liberty Street in Newburgh. Two workshops will be held to address the specific needs of homeowners and commercial property owners. People may attend more than one workshop, but seating is limited and reservations are required. During the workshop, staff from the State Historic Preservation Office will review the basic guidelines of the program and answer questions on the application process.
The workshop is presented by the Preservation League of New York State and the New York State Office of Parks, Recreation and Historic Preservation. Additional support is provided by U. S. Rep. Sean Patrick Maloney; the City of Newburgh; RUPCO and the Newburgh Community Land Bank.
“The federal and New York State Historic Tax Credit programs have emerged as signature economic development tools for the revitalization of vacant and underutilized historic buildings throughout the state,” said Daniel Mackay, Deputy Commissioner of the NYS Division for Historic Preservation. “New York is now the national leader in the use of the credits, posting investments in the billions, with more than half of that coming from upstate. We are so pleased to administer this program that has played a significant role in the recent revitalization of many of our state’s historic downtowns and Main Streets.”
The New York State Historic Homeowner Tax Credit Program will cover up to 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000.
The Federal Historic Preservation Commercial Tax Credit will cover up to 20% of qualified rehabilitation costs. In eligible census tracts, the NYS Historic Commercial Properties Tax Credit can be combined with the Federal Historic Preservation Commercial Tax Credit to cover 40% of qualified rehabilitation expenditures.
“New York’s Historic Tax Credits can help people provide safer and healthier homes for their families, and protect business investments for generations to come,” said Jay DiLorenzo, president of the Preservation League of New York State. “Plus, 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 workers.
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 New York State 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, visit https://parks.ny.gov/shpo/tax-credit-programs/ or call the New York State Office of Parks, Recreation and Historic Preservation at 518-237-8643, and ask for the state tax credit staff member.
To make a reservation for the workshop, visit the League’s website at www.preservenys.org or contact Frances Gubler at 518-462-5658 x10 or firstname.lastname@example.org.