PUSH TO INCLUDE CROWN HEIGHTS NORTH HISTORIC DISTRICTS IN THE NATIONAL REGISTER FOR TAX CREDIT BENEFITS
The Crown Heights North Association (CHNA) is leading the push to have the Historic Districts included in the National Register of Historic Places. Why? Inclusion in the National Register generally allows owners of contributing buildings in historic districts to avail themselves of 20% tax credits on both the Federal and State levels for substantial rehabilitation work on historic properties. This can be a total of a 40% (FORTY PERCENT) tax credit.
Since 1978, the Rutgers University Center for Urban Policy Research has reported on the economic impact of the Federal Historic Tax Credit (HTC). In 2011, they reported the HTC leverages private investment five times the cost of the program. Over the life of the program, they have found that the HTC pays for itself through creation of new jobs even in times of continuing economic uncertainty, and through new investment in communities.
CHNA anticipates that HTCs will assist landlords in maintaining large apartment buildings (new elevators, roofs, solar water heaters, etc.) while helping to keep rents affordable by mitigating rent increases. Smaller property owners will also benefit.
Eligibility
Visit the following web sites for detailed information:
http://nysparks.com/shpo/national-register/
http://nysparks.com/shpo/tax-credit-programs/
http://www.nps.gov/tps/tax-incentives/taxdocs/about-tax-incentives.pdf
http://nysparks.com/shpo/tax-credit-programs/documents/NYSTaxCreditPrograms.pdf
Because these tax credits act as economic catalysts, in support of its mission to further community historic preservation and economic development, CHNA is seeking sufficient funding to retain an consultant expert historic preservation to prepare the complex National Register nomination proposal (NRNP) for the 990 buildings included in CHN Historic Districts Phases I and II. The NRNP must include a description of each building highlighting the functions, architectural classification, materials and significance, as well as pictures and maps. There must be substantial detailed outreach to owners, residents and other community stakeholders. The project will take nine months to prepare the NRNP and another three to four months for review and approval by the State and the National Park Service. Given that one may amend tax returns for the previous three years, owners may want to consider submitting their scope of work for preapproval now and amending their tax returns accordingly. In either case, applicants must seek pre-approval of their scope of work from the State Historic Preservation Office.
http://nysparks.com/shpo/contact/
CHNA has been partially funded for the project, having been awarded a reimbursement grant of $3,250 from the City and $5,000 from the NYS Preservation League. CHNA is seeking contributions from stakeholders in the community to reach its additional funding target of $12,750. Donations of $25, $50, $100, $250, $500 and more will move this project to reality quickly.If you have questions, please contact us at info@crownheightsnorth.org or etyus@crownheightsnorth.orgPLEASE CONTRIBUTE TO THIS WORTHWHILE PROJECT. YOU CAN DONATE HERE.
Since 1978, the Rutgers University Center for Urban Policy Research has reported on the economic impact of the Federal Historic Tax Credit (HTC). In 2011, they reported the HTC leverages private investment five times the cost of the program. Over the life of the program, they have found that the HTC pays for itself through creation of new jobs even in times of continuing economic uncertainty, and through new investment in communities.
CHNA anticipates that HTCs will assist landlords in maintaining large apartment buildings (new elevators, roofs, solar water heaters, etc.) while helping to keep rents affordable by mitigating rent increases. Smaller property owners will also benefit.
Eligibility
- The building must be a certified historic structure and, for the State tax credit only, be in a distressed census
- The scope of work must be approved in advance by the State Historic Preservation Office, (and the NYC Landmarks Preservation Commission for local compliance)
- Owner applicants must pay a project cost-related application fee for the process
- The State commercial tax credit is capped at $5 million; and the homeowner tax credit is capped at $50,000
- For the homeowner/residential tax credit the building must be owner occupied,
- have a minimum project cost of $5000, and
- at least 5% of the work must be done on the exterior
- The credit is for rehabilitation of building structural components and does not apply to costs for items such as appliances and kitchen cabinets.
Visit the following web sites for detailed information:
http://nysparks.com/shpo/national-register/
http://nysparks.com/shpo/tax-credit-programs/
http://www.nps.gov/tps/tax-incentives/taxdocs/about-tax-incentives.pdf
http://nysparks.com/shpo/tax-credit-programs/documents/NYSTaxCreditPrograms.pdf
Because these tax credits act as economic catalysts, in support of its mission to further community historic preservation and economic development, CHNA is seeking sufficient funding to retain an consultant expert historic preservation to prepare the complex National Register nomination proposal (NRNP) for the 990 buildings included in CHN Historic Districts Phases I and II. The NRNP must include a description of each building highlighting the functions, architectural classification, materials and significance, as well as pictures and maps. There must be substantial detailed outreach to owners, residents and other community stakeholders. The project will take nine months to prepare the NRNP and another three to four months for review and approval by the State and the National Park Service. Given that one may amend tax returns for the previous three years, owners may want to consider submitting their scope of work for preapproval now and amending their tax returns accordingly. In either case, applicants must seek pre-approval of their scope of work from the State Historic Preservation Office.
http://nysparks.com/shpo/contact/
- Sloane D. Bullough (518) 237-8643 ext. 3252 NYS Rehabilitation Tax Credit (Historic Home and Commercial)
- Beth Cumming (518) 237-8643 ext. 3282 Bronx, Kings, New York, Queens, Richmond
- Eric Kuchar (518) 237-8643 ext. 3260 Historic Preservation Weatherization Specialist
CHNA has been partially funded for the project, having been awarded a reimbursement grant of $3,250 from the City and $5,000 from the NYS Preservation League. CHNA is seeking contributions from stakeholders in the community to reach its additional funding target of $12,750. Donations of $25, $50, $100, $250, $500 and more will move this project to reality quickly.If you have questions, please contact us at info@crownheightsnorth.org or etyus@crownheightsnorth.orgPLEASE CONTRIBUTE TO THIS WORTHWHILE PROJECT. YOU CAN DONATE HERE.