Interested in learning more about historic tax credits? These days, if you own a historic home or business, you may be eligible for a NYS tax credit program. The building in question must be located in the new Elmwood Historic District (WEST) or in any of the following districts: Allentown, Cobblestone, Delaware, Hamlin Park, Joseph Ellicott, Main Street (500 Block), Market Square, Theatre, University Park and West Village.
This workshop is sponsored by Cannon Heyman & Weiss, LLP, along with the NYS Office of Parks, Recreation and Historic Preservation, and the Preservation League of NYS.
Also sponsored by the Elmwood Village Association, it’s being held on Wednesday at Lafayette Avenue Presbyterian Church. Preservation Buffalo Niagara and the Allentown Association are also involved. The commercial part of the two-part workshop will be held from 3 to 5pm and the homeowner session will be held from 6:30 to 8pm.
Here’s more about the workshop:
The NYS 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. Owners of income producing properties may be able to have 40% of the rehabilitation expenditures covered by combining the state and federal tax credits.
These programs require that the buildings be individually listed in the State or National Register of Historic Places, or in a listed historic district. Several thousand buildings in Buffalo already have this designation and their owners can take advantage of this program to make repairs and upgrades more affordable!