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March 18, 2009

HDC's Tips for Owners of Historic Buildings

hdc-brochure-031809.jpgIf you own an old house in New York City, you may want to take a gander at the latest brochure from the Historic Districts Council called Financial Incentives for Historic Buildings. Short version: The are several different kinds of tax credits and low-interest loans available for folks who live in either areas or buildings that have been designated by the LPC, New York State of the National Register of Historic Places. The HDC brochure lays out all the options for you.




Posted by Brownstoner at 10:13 AM | Comments (2)
Categories: Landmark, Preservation

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The NYS homeowner rehab credit is not (as the heading implies) for low-income homeowners only. The building must be in a "distressed" census tract, but that does not mean that the property owner must be low-income. I don't know which census tracts are defined as "distressed" (70% below 80% of state median income), but I suspect that some areas of brownstone Brooklyn would qualify.

And even though the state administers the program, the federal rehab tax credit is part of the Federal historic preservation tax incentive program (though its not of much use to owners of non-incoming producing properties, or even owners who rent out portions of their properties).

Posted by: WBer at March 18, 2009 10:40 AM

Thanks for the info!

Posted by: Montrose Morris at March 19, 2009 12:39 AM

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