Monday, August 16, 2010

Historic Preservation Rehabilitation Tax Credit Program

Tomorrow--Tuesday, August 17--there will be two free "webinars" to review the basic guidelines for the New York State Historic Preservation Rehabilitation Tax Credit Program and answer questions about the application process. The session from 1:00 to 3:00 p.m. will deal with commercial properties. The session from 3:30 to 5:00 p.m. is for homeowners.

To qualify for this program, buildings must be individually listed in the State or National Register of Historic Places or be contributing structures in a listed historic district. They must also be located in an eligible census tract. A significant number of Hudson buildings meet these qualifications.

The program will cover 20 percent of qualified rehabilitation costs for owner-occupied historic houses, up to a credit value of $50,000. For commercial buildings, the program will cover up to 20 percent of qualified rehabilitation costs up to a credit value of $5 million. Commercial property owners must be approved for the federal historic preservation commercial tax credit, which offers an additional 20 percent credit on qualified rehabilitation costs. The commercial tax credit program includes rental housing.

To register for a webinar, send email to preservation@oprhp.state.ny.us and type “commercial webinar” or “homeowner webinar” in the subject line. Registrants will receive instructions for logging in to the appropriate webinar.

For further details about the webinars, visit the NYS Office of Parks, Recreation, and Historic Preservation website. The webinars are sponsored by NYS OPRHP and the NYS Education Department.

2 comments:

  1. Thank you Gossips!
    Great information....who would have known? Appreciate the
    information and details as how to participate.

    ReplyDelete
  2. David William VoorheesAugust 17, 2010 at 11:31 PM

    I participated in today's Weinar seminar on NYS Rehabilitation Tax Credit for owner occupied residences.

    All buildings in State or National Register Districts qualify for these tax credits, which can cover up to 20 percent of costs. The credit limit is $50,000. Almost all of Hudson's historic districts are within State and National Register districts, although there are some areas in the National Register that are not in the city's historic districts.

    Residences include single family, duplex, multiple family, owner occupied B & Bs, and co-ops and condos. There is no income cap to be eligible, as long as one lives within an eligible census tract, which Hudson is within. One can keep reapplying for credits as work progresses. For those with incomes below $60,000, the credit amount is fully refundable. The tax credit can be passed on to a purchaser of a house.

    Building rehabilitation must be according to the Secretary of Interior standards. All work must be approved by OPRHP prior to start of construction. As the Hudson Preservation Commission uses these guidelines, this should cause no problem for applicants.

    Further information regarding the tax credit programs and application forms are available at

    http://www.nysparks.com/shpo/tax-credit-programs/

    Anyone considering any work on their houses in any historic district in Hudson should consider applying for these tax credits.

    ReplyDelete