Tax Credit Projects Shine During Conference Week

The list is impressive and growing:  Guaranty Building, AM&As Warehouse Lofts, 100 South, Lofts at 136, Warehouse Lofts, Hotel Lafayette, Genesee Gateway, ArtSpace, Babeville, Kamman Building, Electric Tower, Allentown Lofts, Packard Apartments and others.  These are the projects that have utilized historic preservation tax credits working with the New York State Office of Parks, Recreation and Historic Preservation.  

SHPO has prepared a project portfolio with a sampling of the WNY projects assisted by the office in recent years.  The WNY Project Portfolio can be found here.  Two tax credit programs are available for income-producing restoration projects:

  • The FEDERAL PRESERVATION TAX CREDIT PROGRAM offers owners of historic income-producing properties a tax credit equal to 20 percent of the rehabilitation costs.
  • The STATE PRESERVATION TAX CREDIT PROGRAMS offer owners of properties that qualify for the federal credit a state tax credit equal to 20 percent of the rehabilitation costs.

The tax credit- assisted projects have helped save some of Buffalo’s landmark properties, leveraging tens of millions of private sector investment while creating hundreds of construction and permanent jobs, thousands of square feet of commercial space and hundreds of apartments.  The polished jewels will proudly be on display for 2,500 preservationists from across the country this week.

About the author  ⁄ WCPerspective

Buffalo and development junkie currently exiled in California.

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