Credit for old houses
The New York State Office of Parks, Recreation and Historic Preservation, The Preservation League of New York State and Historic Albany Foundation are holdingtwo workshops lined up November 14 about using New York State historic rehabilitation tax credits. Yeah, so, that might not sound super exciting. But, from the flyer: "The NYS Historic Residential Properties Tax Credit Program will cover 20% of qualified rehabilitation costs of owner-occupied historic houses, up to a credit value of $50,000." Owning a house is expensive -- maybe this can make it less so. RSVP deadline is November 8, details at that first link. Bonus link: Historic district listings for the city of Albany.
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Comments
There's a matching Federal Credit for an additional 20%, so you can get back 40% of your renovation costs! You actually apply for the federal credit and the state grant is automatic if you're in a poor enough census tract. Albany needs to follow the lead of Buffalo and declare the entire city a Historic District so these could be opened up to revitalize much more of the city fabric. And yes, I am a dorky architect finds this stuff exciting.
... said Beth on Nov 7, 2013 at 4:23 PM | link
Also, here's link to a map of Albany's historic districts. Easier to understand than a list.
http://albanyny.gov/_files/Historic%20Districts%20with%20Adj%20Properties%202011.pdf
... said Beth on Nov 7, 2013 at 4:28 PM | link
http://troyny.gov/Newsroom/CityNews/13-11-01/Two_Free_NYS_Tax_Credit_Workshops_Nov_13th.aspx
... said colleen on Nov 8, 2013 at 8:05 AM | link
I'm glad they're getting the word out about this. I've taken advantage of it, and I was excited to hear the credit was extended all the way to 2019.
Like Beth says, sometimes the work also qualifies for federal tax credits. I bought a new gas boiler which qualified for 20% back from the state, and 30% back from the feds because of an energy tax credit. So I essentially got 50% off and also save on monthly energy bills. Definitely worth taking advantage of.
... said Ryan on Nov 8, 2013 at 9:42 AM | link
Thank you for posting this, All Over Albany!
Beth is talking about the credit for income-producing properties - commercial or rental residential. The quote from the flyer is for the historic homeowner credit - a credit for owner-occupied historic homes.
In addition to owning a building on the State/National Register of Historic Places, the property must fall within an income-qualified census tract in order to qualify for either the NYS commercial or historic homeowner programs.
If you can't make the Albany program on November 14th, we are doing two workshops in Troy on November 13th, at the Rensselaer County Historical Society.
--Erin Tobin, Preservation League of NYS
... said Erin T on Nov 8, 2013 at 12:49 PM | link