While it isn’t up-front cold hard cash. There is a fantastic program dedicated to historic properties in NY State. There are two to receive tax credits if you qualify. This is orchestrated through New York State Office of Parks, Recreation & Historic Preservation.
Keep in mind you can look on New York State Department of Taxation and Finance for information as well. (click on the underlined portion)
1. New York State Historic Home ownership Rehabilitation Tax Credit Rehabilitation
Rehabilitation work on historic residential structures may qualify for a tax incentive. The credit will cover 20% of qualified rehabilitation costs of structures, up to a credit value of $50,000.00. Houses must be an owner-occupied residential structure and be individually listed on the State or National Register of Historic Places, or a contributing building in a historic district that is listed on the state or National Register of Historic Places. In addition, the house needs to be located in an eligible census tract. At least $5,000.00 must be expended on qualifying work. At least 5% of the total project must be spent on the exterior of the building. All work must be approved by OPRHP prior to start of construction.
2. New York State Tax Credit Program for Income Producing Properties
This tax credit must be used with the Federal Investment Tax Credit Program for Income Producing Properties. Owners of income producing properties that have been approved to receive the 20% federal rehabilitation tax credit automatically qualify for the additional state tax credit if the property is located in an eligible census tract. Owners can receive an additional 20% of the qualified rehabilitation expenditures up to $5,000,000 *. In order to qualify, the placed-in-service date must be after January 1, 2010. After Part 1 and Part 2 of the federal application are approved by the National Park Service, The New York State Office of Parks, Recreation, and Historic Preservation will issue a certification form allowing owners to take the state credit.
Be sure to look at SHPO’s website for further clarification and we’d be happy to help in any way possible.
Here is a map that outlines the qualifying districts in Albany county. Please keep in mind that you have to own a property that is on the National Registry and be in a qualifying district. If you have any questions please contact SHPO for further information.
Community Preservation Corporation (CPC) is a private mortgage lender specializing in financing low-, moderate- and middle-income housing throughout New York and New Jersey. CPC lends for large and small apartment buildings, occupied or vacant, and for new construction developments. CPC is sponsored by 94 banks and insurance companies. There is a $100 application fee and an origination fee of 1-2% of loan amount. Loan products include, construction financing, permanent financing, Small Building Loan Program, and Preservation Financing for Cooperative Buildings.
Contact CPC for more information at (518) 463-1776 for more information.